Annual Report 2023

COVER RATIONALE
GOOD GOVERNANCE
TOWARDS PROGRESS
Sonali Bank PLC has developed a good corporate governance structure over the years by promoting
transparency, accountability, and ethical conduct in the bank’s governance framework, board structure,
and governance policies. The healthy atmosphere between the Board and top management, proper
communication with the stakeholders have helped to ensure alignment of interest and build trust through
complying regulatory requirements and industry standards. The diversified qualities of the Board members,
their expertise and effectiveness in guiding have helped the Bank towards progress and sustainability. The
positive impact has been reflected in its business performance while the Bank has achieved the highest
operating profit (Tk. 38,461.88 million) and net profit (Tk. 6,514.80 million) in 2023 among the Bangladeshi
banks and is moving faster to achieve more in the upcoming years.
SONALI BANK PLC
CORPORATE GOVERNANCE
Corporate governance is a set of relationships between a company’s management, its

board, its shareholders and other stakeholders which provides the structure through which
the objectives of the company are set, and the means of attaining those objectives and
monitoring performance. It helps define the way authority and responsibility are allocated
and how corporate decisions are made.
At Sonali Bank PLC, our governance framework, built on accountability, transparency, fairness,
and responsibility, is driven by the Board of Directors and key committees: the Executive, Audit,
and Risk Management Committees. Senior Management, through various committees, ensures
strategic initiatives and operational efficiencies are effectively implemented.
Our leadership fosters a transparent and ethical corporate culture, supported by continuous
training. Employees at all levels adhere to our governance policies, promoting integrity
throughout the organization.
Our strong governance practices have led to robust financial performance and stakeholder
trust. Committed to evolving with technology and global standards, Sonali Bank PLC
continues to demonstrate exceptional governance, driving progress and creating lasting
value for stakeholders.
2 ANNUAL REPORT 2023

KEY ACHIEVEMENT 2023
(Figure in Tk. Million except stated otherwise)
NET PROFIT OPERATING PROFIT DEPOSIT
2023 2022 2023 2022 2023 2022
6515 3710 38462 23823 1506184 1420263

+2805 +14639 +85921
ADVANCE DEPOSIT
LOANS & ADVANCES TOTAL ASSETS
RATIO
2023 2022 2023 2022 2023 2022
1008053 846430 1981130 1789772 66.93% 59.59%

+161623 +191358 +7.34%
NET INTEREST RATE OF CLASSIFIED

EARNING PER SHARE
INCOME LOANS (%)
2023 2022 2023 2022 2023 2022
4759 2089 14.38 8.19 13.23% 14.83%

+2670 +6.19 -1.60%
RETURN ON RETURN ON EQUITY

CAPITAL ADEQUACY
INVESTMENT (ROI) (ROE)
RATIO (%)
2023 2022 2023 2022 2023 2022
10.07% 10.05% 7.36% 4.83% 7.77% 4.70%

+0.02% +2.53% +3.07%
RETURN ON ASSETS NET ASSETS VALUE NET OPERATING

(ROA) PER SHARE (NAVPS) INCOME PER SHARE
2023 2022 2023 2022 2023 2022
0.35% 0.21% 191.08 179.23 84.90 52.59

+0.14% +11.85 +32.31
ANNUAL REPORT 2023 3

SONALI BANK PLC
C NTENTS
Organizational Information
06 Letter of Transmittal
07 Notice of the 17th Annual General Meeting
08 Corporate Vision and Mission
10 Core Values
11 Ethical Principles
12 Strategic Objectives of SBPLC
13 Statement of Forward Looking Approach
14 Corporate Profile
17 Group Corporate Structure
18 Corporate Organogram
20 Milestones
22 List of Chairman
23 List of CEOs of SBPLC
24 SBPLC at a Glance
Board of Directors and

Management Profile
26 Board of Directors & its committees

32 Directors’ Profile
41 Management Team
Chairman and CEO’s Message
48 Message from the Chairman

54 CEO’s Message
Corporate Governance
61 Directors’ Report
92 Corporate Governance
105 Certificate with Compliance Report on CG
106 Compliance Report with BSEC Notification on CG
117 Report of the Shariah Supervisory Committee
118 CEO and CFO’s Declaration to the Board
119 Directors’ Responsibility for FR and IC
121 Report of the Audit Committee
124 Note from the Chairman of Risk Management Committee

Stakeholders Information
128 Stakeholders and Shareholders Information

130 Redressing to Shareholders’ Observations
132 Comparative Financial Highlights of SBPLC
133 Graphical Presentations
138 Key Financial Data and Ratios of SBPLC
143 Profitability, Dividend, Performance and Liquidity Ratio
144 Segment wise Presentation
145 Statement of Value Addition and its Distribution
147 Market Value Added Statement
148 Credit Rating
148 Financial Calendar 2023 and 2024
Risk Management and Control Auditors’ Report and Financial

Environment Statements
150 Report on Core Risk Management 215 Auditors’ Report

157 BASEL-III Compliance Report 221 Consolidated Financial Statements-SBPLC
157 Market Disclosures under Piller-III
227 Financial Statements-SBPLC(Solo)
357 Financial Statements- Sonali Investment Ltd.
385 Financial Statements- Islamic Banking Window
Sustainability Analysis and Integrated
Reporting 397 Sonali Exchange Co. Inc (SECI)
413 Sonali Bangladesh (UK) Limited
180 Report on Sustainable Banking 423 Sonali Pay (UK) Limited
185 Report on Human Resources
189 Report on Financial Inclusion
192 Customer Care Additional Information
196 Citizen Charter
197 Report on Corporate Social Responsibility 433 Domestic Branches of SBPLC
198 Government Transactions and Works Related 446 SBPLC Branch Network
to Social Responsibility
447 SBPLC Remittance Network with World Map
199 Contribution to National Economy
449 Overseas Branches of SBPLC
449 Representative Branches of SBPLC
450 Branches of Sonali Bangladesh (UK) Ltd.
Management Review and Other
451 Branches of SECI, USA
Information
452 List of Acronyms
201 Management Discussion and Analysis

207 Products and Services of SBPLC
209 Media Highlights 2023
210 Awards and Recognition
212 Photo Gallery

SONALI BANK PLC
LETTER OF TRANSMITTAL
All Shareholders of Sonali Bank PLC/

Registrar of Joint Stock Companies and Firms/
Bangladesh Securities and Exchange Commission (BSEC)/
Bangladesh Bank, Dhaka.
Sub: Annual Report for the year ended 31 December, 2023.
Dear Sir(s),
We are pleased to enclose herewith a copy of the Annual Report 2023 along with the Audited Financial Statements
(Consolidated and Solo) of Sonali Bank PLC for the year ended 31 December, 2023 and as on that date for your kind
information and record.
Financial Statements of ‘The Bank’ comprise that of Sonali Bank PLC whereas Consolidated Financial Statements
comprise Financial Statements of ‘The Bank’ and those of its operational subsidiaries- Sonali Investment Limited,
Sonali Bank (UK) Limited and Sonali Exchange Company Inc. (SECI), USA presented separately. Analyses in this report,
unless explicitly mentioned otherwise, are based on the financials of ‘The Bank’, not the Consolidated Financials.
Yours sincerely,
(Md. Afzal Karim)

Chief Executive Officer

†mvbvjx e¨vsK wcGjwm
cÖavb Kvh©vjq
35-42, 44 gwZwSj ev/G
XvKv-1000, evsjv‡`k|
†mvbvjx e¨vsK wcGjwm Gi mß`k evwl©K mvaviY mfvi †bvwUk;

ZvwiL 29.05.2024; †ivR: eyaevi; mgq: mKvj 11:00 NwUKv
Avw`ó n‡q Rvbv‡bv hv‡”Q †h, †mvbvjx e¨vsK wcGjwm Gi mß`k evwl©K mvaviY mfv (17th Annual General Meeting) 29 ‡g 2024
†ivR eyaevi †ejv 11-00 NwUKvq cÖavb Kvh©vj‡qi cl©` K‡ÿ AbywôZ n‡e| D³ evwl©K mvaviY mfvi Av‡jvP¨ welqmg~n wb¤œiƒct
-t Av‡jvP¨m~wP t-
(K) weMZ 26 Ryb 2023-G AbywôZ †mvbvjx e¨vsK wcGjwm Gi †lvok evwl©K mvaviY mfvi Kvh©weeiYx wbwðZKiY;
(L) cwiPvjKgÛjxi cÖwZ‡e`b Ges wbix¶‡Ki cÖwZ‡e`bmn 2023 mv‡ji 31 wW‡m¤¦i mgvß eQ‡ii w¯’wZcÎ Ges
jvf-¶wZi wnmve MªnY, we‡ePbv I Aby‡gv`b;
(M) 31 wW‡m¤¦i, 2023 mgvß eQ‡ii jf¨vsk †NvlYv;
(N) e¨vs‡Ki cieZx© evwl©K mvaviY mfv AbywôZ nIqv ch©šÍ wbix¶K wb‡qvM Ges Zv‡ì cvwikÖwgK wba©viY;
(O) cwiPvjKgÛjxi Aemi MªnY I cybtwb©e©vPb; Ges
(P) mfvi mfvcwZi Aby‡gv`bµ‡g Ab¨ †h †Kvb welq|
D³ mfvq Avcbvi m`q Dcw¯’wZ Kvgbv KiwQ|
cwiPvjbv cl©` Gi Av‡`kµ‡g
(gyn: gy¯ÍvwdRyi ingvb)

†Kv¤úvwb †m‡µUvwi (AwZwi³ `vwqZ¡)
07 †g 2024
35-42, 44, gwZwSj ev/G XvKv-1000|

SONALI BANK PLC
OUR VISION
Socially committed
leading banking institution
with global presence.

OUR MISSION
Dedicated to extend a whole range of
quality products that support divergent
needs of people aiming at enriching their
lives, creating value for the stakeholders
and contributing towards socio-economic
development of the country.

SONALI BANK PLC
CORE VALUES
The core value proposition of Sonali Bank PLC consists of the following key
elements which would assist the Bank in perceiving its employees to work
as a team towards accomplishment of assigned duties and responsibilities
for achievement of desired objectives. The core values include:
ETHICS OBJECTIVITY INTEGRITY EXCELLENCE COMMITMENT

Everyone must All persons will have Protection and Excellent Every employee is
ensure adherence definite objective in safeguard of performance and committed to work
to ethical practices carrying out their national and effectiveness are upto the expected
of banking. tasks. customer’s interest pre-conditions level to ensure
are vital elements to ensure quality satisfaction of
for societal trust. service to the large valued customers.
customer base of
the Bank.
ACCOUNTABILITY TRANSPARENCY TEAM WORK SELF RELIANCE INNOVATION

All employees Information to be Open Each employee will New and innovative
are responssible kept open for all so communication, have ownership products are the
for their activities athat stakeholders discussion and attitude towards needs of the time
and will remain can have proper interaction amongst the Bank and self which continuous
accountable to their ideas about the the employees confidence in aciton oriented
respective superior activities of the would ensure his work for the researches are
for accomplishment Bank. unification of betterment of the being carried out.
of tasks. acitons and efforts Bank.
towards achiving the
common goal(s).

ETHICAL PRINCIPLES
Ethics is a combination of moral qualities and a collection of
measurements that inquire into the values, norms and rules which
form the essentials of the individual and social relations established
by people from the moral aspect of right-wrong or good-bad. Sonali
Bank PLC deals with public money where Ethics, Integrity and Trust is
the utmost important. Bank upholds these principles in every aspect
by its Management, Regulatory Compliance and Customer Services.
Sonali Bank PLC strongly realizes the functions of optimal use of sources, the prevention of the unjustified
investments and savings by playing an intermediary role competition among the banks, provide services to the
between the parties in society that supply funds and customers with uncompromising integrity, protect
demand funds respectively, also aims the principles of privacy and confidentiality of customer information,
profitability and productivity stipulates the requirement prevent money laundering and fraudulent activities,
that they have to work in accordance with the Ethical demonstrate work place respect, banks are to regulate
Principles in the professional and organizational fields. their relations not only among themselves but also with
the other stake holders and employees in concordance
Setting off from the expansion of the banking system, with the Ethical Principles.
the improvement of the quality of banking services, the

SONALI BANK PLC
STRATEGIC OBJECTIVES OF SBPLC
The core objectives of Sonali Bank

PLC are to conduct transparent and
high quality banking services to ensure
maximum customers’ satisfaction as
well as ensure financial strengthening
through expanding market share within
the country and abroad.
• Greater emphasize to serve potential and unbanked • Developing Human Resource Management System
population of the country through providing to motivate and retain the human resources and
banking services to under-served areas with the transform human resources to human capital through
scaling up of various pilot initiatives. proper training in every aspects of working area.
• Gaining competitive advantages by lowering overall • by sector, size, economic purpose and geographical
cost compared to that of competitors. location and expand need based retail and SME/
Microfinance/Women entrepreneur financing
• Retaining our top leadership position by providing
quality customer services. • Cost control optimization at all levels of operation
by ensuring budgetary control and maximizing
• Investing in the thrust and priority sectors of the revenue through quality services and product
economy. diversification.
• Providing impeccable and progressively better • Ensuring strong internal control and compliance
customer services through introducing changed culture through establishing strong control
technologies. environment and sound compliance within the
Bank.
• Being excellent in serving the cause of least
developed community and areas. • Developing sound and effective risk management
culture within the Bank to safe guard the banking
• Improving of deposit mix by maintaining share of
assets and protect the interest of the dipositors and
low cost and no cost deposit in total deposit as well
other stake holders.
funded business.
• Ensure dedicated service to the government
• Improving corporate governance through
as an exchequer and government transactions
strengthening good corporate culture, motivation,
(government receipts and payments) in order to
training and supervision in all levels of management.
achieve expected economic growth.

STATEMENT OF FORWARD LOOKING APPROACH
The Bank involved in various non-business activities for the

well-being of its millions of citizens besides its special focused
on selected business segments such as corporate lending and
finance, securities business and asset management as well as
acquired an outstanding position in the foreign countries through
export and trade finances. In order to retain the leadership position
within banking sector in the country, an extensive area of this
annual report has covered the Bank’s forward-looking statements
on the basis of its management’s current expectations and
assumptions regarding the company’s business performance and
non-business involvement. In coming days, the Bank is looking for
fair development in the following areas to sustain its position as
number one bank of the country.
• Highest degree of ICT inclusion. • Changes in CRR and SLR of the banks as well
as increase of provision requirements resulting
• Engagement of talented employees.
reduction of ROA and ROE
• Exclusive human resource development efforts.
• Fluctuation in international prices of essentials
• Exclusive business re-engineering. which influences the oscillation in foreign exchange
• Customer service improvement. market.
• Efficient internal control system. • Compliance issues raised by the International

Forums which are likely to affect the export growth
• Improvement of internal work environment.
in the industrial sectors.
• Establishment of risk based management system.
• Changes in the demand for deposit, loan, and
• Adequate internally generated capital. investment products and other financial services in
• As any projection or forecast, forward-looking the markets we serve.
statements are inherently susceptible to uncertainty • The outcome of pending or threatened litigation,
and changes in circumstances. The company’s or of other matters before regulatory agencies,
actual results may vary materially from those whether currently existing or commencing in the
expressed or implied in its forward- looking future.
statements. Important factors that could cause the
• Environmental conditions that exist or may exist on
Bank’s actual results to differ materially from those in
properties owned by, leased by, or mortgaged to
its forward-looking statements include government
the Company.
regulation, economic, strategic, political and social
conditions and the following factors: • Changes in accounting principles, policies,
practices and guidelines in line with IFRS and BB
• Changes in the monetary and fiscal policies of the
requirements.
Government, including policies of the Department
of the Treasury and Bangladesh Bank. • Changes in credit ratings or in our ability to
access the capital markets along with other
• Changes in interest rates, which may affect net
economic, competitive, governmental, regulatory,
income, prepayment penalty income, mortgage
technological, and geopolitical factors affecting our
banking income, and other future cash flows, or the
operations, pricing and services.
market value of our assets, including our investment
securities. • Priority of government and the regulator.
• Changes in capital management policies of the • Status of ICT inclusion.

Bank including use of derivatives to mitigate our • Inclusion of new generation human resources.
interest rate exposure.
• The changed banking requirements of the customer.
• Changes in corporate tax structure along with
legislation and regulation of VAT on banking • Peer Bank’s forward movements.
services.

SONALI BANK PLC
CORPORATE PROFILE
NAME OF THE COMPANY SONALI BANK PLC
Registered Office 35-42, 44 Motijheel Commercial Area, Dhaka, Bangladesh
Emerged as a Nationalized Commercial Bank following the
Genesis Bangladesh Bank (Nationalization) Order No. 1972 vide President’s
Order No. 26 of 1972.
Legal Status Public Limited Company
Date of Incorporation 03 June, 2007
Date of Commencement of Business 03 June, 2007
Vendor’s Agreement 15 November, 2007
BB License No. BRPD(P-3)745(1)/2007-1602
Banking License obtained 05 June, 2007
Date of Company Registration 03 June, 2007
Company Registration No. C-67113(4605)/07
Authorized Capital BDT 60,000.00 Million
Paid up Capital BDT 45,300.00 Million
Face Value per Share BDT 100.00 per Share
100% share owned by Government of the People’s Republic of
Shareholding Pattern
Bangladesh
Tax Identification No. (TIN) 465337943663
Vat Registration No. (BIN) 000000063
Chairman of the Board of Directors Mr. Ziaul Hasan Siddiqui
Chief Executive Officer Mr. Md. Afzal Karim
Head of Risk Management Ms. Sanchia Binte Ali
Head of HR & ICC Mr. Mir Mofazzul Hossain
Head of IT Mr. Shamim Uddin Ahmed
Chief Financial Officer Mr. Md. Iqbal Hossain, ACMA, CFA, FRM
Chief Information Technology Officer Mr. Mohammad Rezwan Al Bakhtiar
Chief Audit Officer Mr. Md. Ali Ashraf Abu Taher
Company Secretary Mr. Tauhidul Islam
DOMESTIC NETWORK
No. of Branches 1230
No. of Urban Branches 503
No. of Rural Branches 727
No. of General Managers’ Office 18
No. of Principal Office 69
No. of Treasury Branches 735
No. of AD Branches 48
No. of Corporate Branches (incl. LO) 37
No. of Computerized Branches 1230
No. of Core Banking System Branches 1230
No. of Administrative Office 82
No. of ABB Operated Branches 1230
No. of Islamic Window 58
No. of Head Office Divisions 47

OVERSEAS NETWORK
No. of Branches 02
Location of Branches Kolkata (India), Siliguri (India).
No. of Correspondence 569
No. of Representative Offices 03 (02 in KSA and 01 in Kuwait)
ATM Booths 236
SUBSIDIARIES
336 East 45th Street, 8th Floor, New York, NY-10017, USA.
Sonali Exchange Co. Inc. (SECI), USA Tel: (212) 808-0790, (212) 808-4085
Email: compliance@sonaliexchange.com
Borak-Biz Center (1st Floor& 2nd Floor)

70 Dilkusha Road, Dhaka 1000
Sonali Investment Limited
Phone: 88-02-9568777, PABX: 9556940, 7170001 Ext.101
E-mail: info@silbd.com, sbplcmbu@yahoo.com
29-33 Osborn Street, London E1 6TD, U.K.

Phone: 00-44-(0)20-7877-8200 (Switch Board)
Sonali Bangladesh UK Ltd.
:00-44-(0)20-7877-8231 (Direct) Fax:00-44-(0)20-7377-9924
E-mail: enquiries@sonali-bank.co.uk
380 Coventry Road Small Heath, Birmingham

Sonali Pay UK Limited
United Kingdom B1O 0UF Website: www.sonalipay.co.uk
ASSOCIATE
35, Kamal Ataturk Avenue, Abedin Tower, 7th Floor,

Sonali Intellect Limited
Banani Commercial Area, Dhaka-1213
NO. OF EMPLOYEES 18,257
CORPORATE RATING STATUS
Surveillance Rating with Government Support Long-term: AAA, Short-term: ST-1
Surveillance Rating Private Commercial Bank Long-term: A+, Short-term: ST-2
Phone PABX +88-02-9550426-31, 33, 34, +88-02-9552924
Fax 88-02-9561410, 88-02-9552007
SWIFT Code BSONBDDH
sbplcho@sonalibank.net.bd; sbhoitd@sonalibank.net.bd;
Email
sbhoitd@bttb.net.bd; sbhoid@bdmail.com
Website www.sonalibank.com.bd

SONALI BANK PLC
LEGAL ADVISORS OF SBPLC
Sl. Sl. Name and Address

01 Sheikh Md. Jakir Hossain 02 Md. Tahirul Islam
Suit no: 1104, Room no: 146,
Baitul Khair, 48/A-B, Supreme Court Bar Bhaban,
Purana Paltan, Dhaka. Dhaka-1000. Mob: 01712953018
Mob: 01755525543
03 Mr. Khaled Bin Shahriar Ahmed 04 Begum Hosne Ara Begum
Suit no: 906 (9th floor), Haque Law Chamber (2nd floor),
H.M.Siddique Mension, Jiban Bima Bhaban,
55/A, Purana Paltan, Ramna, 121, Motijheel C/A, Dhaka.
Dhaka. Phone: 02-9574376 Mob: 01711522775
05 Md. Rokonuzzaman 06 Mrinal Kanti Biswas
Suit no: 404 (3rd floor), 44 Topkhana Road,
Ibrahim Mension, 11, Purana Paltan, Hotel Metropolitan (2nd Floor),
Dhaka. Mob: 01715330077 Dhaka. Mob:01711520365
07 Krisnapada Bhoumik 08 Choudhury Mousumi Fatema

84, Swamibag Road, 707 (Anex Ext. Building),
Gandaria, Dhaka. 7th Floor, Supreme Court,
Mob: 01711583269 Dhaka-1000. Mob: 01715199008
09 Md. Golam Mostafa 10 Muhammad Shakhawat Hossain

Room no: 146, Lake View, Flat- 4C (3rd floor)
Supreme Court Bar Bhaban, BA 73/1, Gulshan Lake Drive
Dhaka-1000. Mob: 01716933082 South Badda, Dhaka. Mob: 01711136115
AUDITORS OF SBPLC
Hoda Vasi Chowdhury & Co. Howladar Yunus & Co.

Chartered Accountants Chartered Accountants
BTMC Bhaban (Floor 7 & 8) House No. 14 (4th & 5th Floor),
01 02
7-9 Karwan Bazar Road Road 16A, Gulshan-1
Dhaka-1217, Bangladesh. Dhaka-1212, Bangladesh.
Tel: +880 2 2 481 10980 Tel: +880 2 58 815 247
TAX ADVISOR OF SBPLC
Akhter Zamil and Co.

Chartered Accountants
Ibrahim Mansion (1st Floor), Room No. 207, 11, Purana Paltan, Dhaka-1000.
Telephone: 88 02 7124898
E-Mail: akhterzamil@yahoo.com
CREDIT RATING COMPANY OF SBPLC
Credit Rating Information and Services Limited

Nakshi Homes (1st, 4th & 5th Floor),
6/1/A, Segunbagicha
Dhaka-1000.
www.crislbd.com
CHIEF LAW OFFICER
Md. Barekuzzaman

GROUP CORPORATE STRUCTURE
SONALI
BANK
PLC
SUBSIDIARIES ASSOCIATES
Overseas
Sonali Exchange Co. Inc. (SECI), USA
Overseas
Sonali Bangladesh (UK) Limited
Overseas
Sonali Pay (UK) Limited
Local Local
Sonali Investment Limited (SIL) Sonali Intellect Limited
Name of the Date of No. of

Status Paid-up Capital Prime Activities
Company Establishment Branches
Merchant banking, portfolio

Sonali Investment
22 April, 2010 BDT 2000.00 mn 05 management, issue management,
Limited
capital market transactions.
Sonali Exchange Remittance business, undertake

12 December, 1994 USD 950,000.00 10
Co. Inc. (SECI), USA and participate in all transactions.
Subsidiaries
Trade Finance related services
mainly related to Bangladeshi
Sonali Bangladesh
07 December, 2001 GBP 61.46 mn imports and exports including
(UK) Limited
02 discounting of bills, add
confirmation and negotiation etc.
Sonali Pay (UK)

28 April, 2022 GBP 1.00 mn - Remittance business.
Limited
Customize, enhance, modify
Sonali Intellect
Associate 01 February, 2012 BDT 75.00 mn and implement Intellect CBS
Limited
- 10.0 Software.

SONALI BANK PLC
CORPORATE ORGANOGRAM
Corporate organogram reflects the corporate governance culture of the organization. It shows the relation between
Board of Directors, head office divisions, controlling offices and branches as well as employees of the Bank as a
whole. Organogram of Sonali Bank PLC is structured as follows:
Board of Directors
Execu�ve Commi�ee Chairman, Directors
Audit Commi�ee
Risk Management Commi�ee (CEO)
Shariah Supervisory Commi�ee
DMD DMD DMD
Chief
Chief Audit GM GM GM GM Chief Information
Financial Technology Officer
Officer (CAO)
GM GM Officer (CFO) CLO GM (CITO)
AUDIT & AGRO-BASED INTERNATIONA CENTRAL INFORMATION

INSPECTION LOAN DISCIPLINE &
PROJECT L TRADE ACCOUNTS TECHNOLOGY
DIVISION-1 CLASSIFICATION APPEAL
FINANCING FINANCE DIVISION DIVISION
(CORPORATE BRANCHES & DIVISION (LCD) DIVISION (DAD)
CONTROLLING OFFICES) DIVISION (APFD) DIVISION (OPERATION) (BUSINESS IT)
( )
AUDIT & TREASURY CENTRAL EMPLOYEES

GENERAL LOAN IT DIVISION
INSPECTION MANAGEMENT ACCOUNTS WELFARE &
ADVANCES RECOVERY (INFRASTRUCTURE
DIVISION-2 DIVISION - 1 DIVISION TRANSPORT
DIVISION (GAD) DIVISION (LRD) IT)
(OTHER THAN CORPORATE
BRANCHES)
(FRONT (PAYMENT) DIVISION (EWTD)
)
EXTERNAL INDUSTRIAL TREASURY GOVT. HUMAN

LEGAL IT DIVISION
AUDIT PROJECT MANAGEMENT ACCOUNTS & RESOURCE
MATTERS (IT SERVICES
COMPLIANCE FINANCING DIVISION - 2 SERVICES DEVELOPMENT
(MID & BACK DIVISION (LMD) MANAGEMENT)
DIVISION DIVISION (IPFD) DIVISION (GASD) DIVISION (HRDD)
OFFICE)
INTERNAL SMALL AND HUMAN

RECONCILIATION RISK IT DIVISION
AUDIT MEDIUM RESOURCE
DIVISION MANAGEMENT (IT PROCUREMENT &
COMPLIANCE ENTERPRISE MANAGEMENT
(RD) DIVISION (RMD) MAINTENANCE)
DIVISION DIVISION (SME) DIVISION (HRMD)
FOREIGN INFORMATION
EXCHANGE AUDIT MICRO CREDIT SECURITY, IT RISK
AND INSPECTION DIVISION (MCD) MANAGEMENT & FRAUD
DIVISION (FEAID) CONTROL DIVISION
CONTROL &
MIS &
MONITORING RURAL CREDIT
STATISTICS
DIVISION DIVISION (RCD)
DIVISION (MSD)
(CMD)
GMO, GMO, GMO,

GMO, GMO, GMO,
Dhaka Chattogram- Chattogram- GMO, Khulna GMO, Sylhet GMO, Rajshahi
Dhaka South Dhaka-North North South Jashore
Central
71 Br 87 Br. 71 Br. 56 Br. 54 Br. 65 Br 78 Br. 81 Br. 82 Br.
PO: PO: PO: PO: PO: PO: PO: PO: PO:

Bangabandhu
Dhaka South; Mirpur, CTG-North; CTG-South; Khulna; Jashore-North; Sylhet; Rajshahi;
Avenue (Dhaka Gazipur, CTG-Central; Rangamati Satkhira; Jashore-South; Moulvibazar; Pabna;
Central); Narayanganj;
Tangail, Patiya-CTG; (Khagrachhari); Bagerhat; Jhenaidah Habiganj; Naogaon;
Dhaka West; Narsingdi;
g ; Manikganj Bandarban Cox'ss Bazar
Cox Narail (Magura); Sunamganj Natore;
Dhaka East; Munshiganj Chuadanga Chapai Nawabganj;
(Meherpur)
DGM Corp Br: DGM Corp Br: DGM Corp Br: DGM Corp Br: DGM Corp Br: DGM Corp Br: DGM Corp Br: DGM Corp Br: DGM Corp Br:
Wage Earners'; BWAPDA Corp; Uttara Model Agrabad Corp Laldighi Corp; Khulna Corp; Jashore Corp; DargaGate Corp Rajshahi Corp;
Dilkusha Corp; Foreign Exch; Town Wage Earners'- Daulatpur Corp, Br, Sylhet;
PM's Office; Shilpa Bhaban;
Corporate Ctg Khulna;
DU Corp Br; Sadarghat Corp;
Hotel InterContinental; Chawk Bazar;
Branch
Dhaka Cantt.; Narayangonj Corp
Dhanmondi;
Gulshan Corp.

SONALI BANK PLC
Credible and Smart
GM & Company Secretary CEO & MANAGING
COMPANY AFFAIRS AND BOARD DIRECTOR'S
DIVISION (CABD) SECRETARIAT Corporate Organogram
Sonali Bank Offices/Branches

DMD DMD DMD Head Office Divisions : 47
GM Office (GMO) : 18
Principal Office (PO) : 69
Principal (GM) GM,

GM
GM TRAINING DIVISION Local Office Local Office Br. : 1
GM :
(TD)
GM, GM Headed Corporate Br. 2
Recovery-LO DGM Headed Corporate Br. : 33
AGM Headed Br. : 123
BRANCHES COMMON GM, SPO Headed Br. : 538
Sonali Bank
CONTROL SERVICES BB Avenue PO Headed Br. : 533
Staff College
DIVISION (BCD) DIVISION (CSD)
Corp Br Overseas Br. : 2
6 SBTITraining Institutes) Total Branches : 1,232
BUSINESS ESTABLISHMENT &
:
CTG, Mymensingh, GM,
DEVELOPMENT ENGINEERING Khulna, Rajshahi, Ramna Corp Sonali Investment Limited : 1
DIVISION (BDD) DIVISION (EED) Bogura, Cumilla. Br SECI, USA : 1
Sonali Bangladesh (UK) Limited : 1
FOREIGN
SECURITY AND
OVERSEAS Br:
GM SBL, Representative Offices : 3
REMITTANCE Kolkata Br, India
PROTOCOL
Siliguri Br, India
Sonali
MANAGEMENT
DIVISION (SPD) Investment
DIVISION (FRMD)
Representative Ltd (Subsidiary of
Office: SBPLC)
PUBLIC
MONEY LAUNDERING &
Riyadh-KSA; 3 Branches = Sonali Bank PLC Manpower:
TERRORISM FINANCING
RELATIONS PREVENTION DIVISION Jeddah-KSA;;
Kuwait
Motijheel Main Br;
Uttara;
l Mirpur.
CEO : 1
DIVISION (PRD)
6
(MLTFPD)
(ex MLTFPVD) DMD :
GM & eq. : 39
VIGILANCE AND Sonali Exchange Sonali DGM & eq. : 178
CARDS DIVISION Company Inc.
(CD)
COMPLAINT
MANAGEMENT (SECI), USA
Bangladesh AGM & eq. : 444
(UK)Ltd
DIVISION (VCMD) (Subsidiary of SBPLC)
9 Branches: (Subsidiary of
SPO & eq. : 1,532
Manhattan; SBPLC) PO & eq. : 3,323
Jackson Heights; Astoria;
Atlanta; Michigan; Paterson; 2 Branches =
SO & eq. : 8,068
: 11,680
ISLAMIC BANKING
DIVISION (IBD)
Jamaica; Ozone Park;
London Main Br.; Officer & eq.
Bronx.
1 Booth: Brooklyn. Birmingham. SS-2 (Driver) : 150
Total Manpower : 25,421
GMO, GMO,
GMO, Rangpur GMO, Dinajpur GMO, Cumilla GMO, Noakhali GMO, Mymensingh GMO, Faridpur GMO, Barishal
Bogura Jamalpur
61 Br. 62 Br. 55 Br. 82 Br. 57 Br. 57 Br. 44 Br. 86 Br. 78 Br.
PO: PO: PO: PO: PO: PO: PO: PO: PO:

Bogura-North; Rangpur; Gaibandha; Dinajpur-North; Cumilla-North; Noakhali; Mymensingh; Jamalpur; Faridpur; Barishal-East
Bogura-South; Kurigram (Lalmonirhat) ; Dinajpur-South; Cumilla-South; Feni ; Kishoreganj; Sherpur; Madaripur(Shariatpur); (Jhalakathi);
Sirajganj; Nilphamari Thakurgaon (Panchagarh) Brahmanbaria; Laxmipur Netrokona Ghatail-Tangail. Kushtia; Barishal-West;
Joypurhat Chandpur Rajbari; Patuakhali (Barguna);
Gopalganj Pirojpur;
Bhola
DGM Corp Br: DGM Corp Br: DGM Corp Br: DGM Corp Br: DGM Corp Br: DGM Corp Br: DGM Corp Br: DGM Corp Br: DGM Corp Br:
Bogura Corp Rangpur Corp; Dinajpur Corp Cumilla Corp; Noakhali Corp. Mymensingh Corp Jamalpur Corp Faridpur Corp Barishal Corp.
Brahmanbaria Corp.

SONALI BANK PLC
MILEST NES
1972, 1973, 1974 1990, 1993, 1994, 1999 2008, 2009
1972 1990 2008

• Commencement of banking operation • Paid up Capital increased to 2427.00 million • Achieved The ICMAB Best Corporate
of Sonali Bank Award.
• Submission of first profit and loss 1993
2009
Account and the Balance sheet • Paid up capital increased to 3272.00 million
• Establishment of Sonali Investment
• First agency arrangements with 47
1994 Limited
correspondents abroad
• Establishment of Sonali Exchange Co. • Introduction of SMS Banking
• Act as the agent of Bangladesh Bank in
handling Govt. transactions Inc. (SECI), USA • Deposit crossed 400000.00 million
• First net profit of 2.00 million had earned • Deposit crossed 100000.00 million
2009
• First annual report published
1999 • Achieved The Best Brand Award
• Loans and Advance crossed 100000.00 million
1973
• Paid up Capital increased from initial
20.00 million to 30.00 million 2001, 2005, 2006, 2007 2010, 2011, 2012
1974 2001 2010

• Inauguration of overseas branch in • Establishment of joint venture • Implementation of BACH and BEFTN
London (UK) and Kolkata (India) subsidiary: Sonali Bank (UK.) Ltd. • Awarded The Best Retail Banker in
Bangladesh by The Asian Banker.
2005
• Islami Banking Window
1980, 1985, 1986, 1989 • Operating profit crossed 3000.00 million
• Implementation of RMS+ Software
• Foreign remittance crossed 10000.00 million
• Introduction of Any Branch Banking (ABB)
1980
• No of 1000 branch crossed 2006 2011
• Deposit crossed 500000.00 million
• Paid up Capital increased to 5000.00 million
1985 • Deposit crossed 300000.00 million
• Paid up Capital increased to 55.00 million • Paid up Capital increased to 11250.00
2007
1986 • Incorporation and commencement of
2012
• Foreign remittance crossed 10000.00 million business of Sonali Bank Limited • Introduced On-line Government
Transection System (GTS)
• Paid up Capital increased to 9.000.00 million
1989 • Introduced NRB Sonali Bank e-Payment Portal
• 1st computer launched in Sonali Bank • Awarded The Strongest Bank in
Bangladesh by The Asian Banker
• Awarded The Highest Remittance
Collecting Bank
• Establishment of Sonali Polaris FT Limited

2013, 2014, 2015 2019, 2020, 2021
2013 2019
• Deposit crossed 600000.00 million • 1st position in Annual Performance Agreement (APA) 2018-
• Achieved The Best Financial Institute of Arthokontho 19 by the Financial Institutions Division
Business Award • Achieved Center for Non-Residance Bangladesh (NRBs)
Award
2014
• Paid up Capital increased to 31200.00 million 2020
• Deposit crossed 700000.00 million • Achieved the ICMAB Best Corporate Award.
• Online Real Time Banking (ORTB) Operation being • Achieved Highest Operating Profit (21526.93 million) in
introduced Overall Banking Sector.
• Achieved The ICMAB Best Corporate Award • Achieved Highest Net Profit (3234.35 million) Among all
State Owned Commercial Banks in Bangladesh
2015
• RTGS Operation as the 4th Bank in Bangladesh 2021
• Total Assets reached 1.00 trillion for the first time amongst • 1st Position in Annual Performance Agreement (APA) by the
all banks of Bangladesh Ministry of Finance
• Paid up Capital increased to 38300.00 milion • Achieved the ICMAB Best Corporate Award
• Awarded one of the “Highest Vat Payers” by Large Tax
2016, 2017, 2018 Payers Unit (Vat) of National Board of Revenue (NBR).
• Achieved Highest Operating Profit (20903.75 million) in
Overall Banking Sector.
2016
• Deposit crossed 1.00 trillion
2022, 2023
2017
• Covered country wide 1209 branches (100%) of Online
2022
banking through Core Banking Solution (CBS). • 1st Position in Annual Performance Agreement (APA) by the
Ministry of Finance.
• Achieved Highest Operating profit (11955 million) and Net
Profit (7092 million) amongst all state owned Banks of • Achieved South Asian Federation of Accountants (SAFA)
Bangladesh Best Presented Annual Report Award.
• Paid up Capital increased to 41300.00 million • Achieved ICAB National Award for Best Presented Annual
Report 2021.
2018 • Achieved the ICMAB Best Corporate Award 2021.
• Achieved Highest Operating Profit (20257.37 million) in
Overall Banking Sector. 2023
• Achieved Highest Net Profit (2264.21 million) Among all • 1st Position in Annual Performance Agreement (APA) by the
State Owned Commercial Banks in Bangladesh Ministry of Finance.
• Achieved the ICMAB Best Corporate Award 2022.
• Achieved ICAB National Award for Best Presented Annual
Report 2022.
• Achieved South Asian Federation of Accountants (SAFA)
Best Presented Annual Report Award 2022.

SONALI BANK PLC
LIST OF CHAIRMANS
Sl. Managing Director and Chairman, Sonali Bank Tenure
01 Mr. G. M. Chowdhury 29.03.1972 – 26.03.1973
02 Mr. A. K. N. Ahmed 27.03.1973 – 17.11.1974
03 Mr. S. A. Chowdhury (Current Charge) 18.11.1974 – 24.01.1975
04 Mr. K. A. Rashid 25.01.1975 – 12.03.1981
Sl. Chairman, Board of Directors, Sonali Bank Tenure
01 Mr. A. M. Zahiruddin Khan (MP) 15.04.1981 – 31.03.1982
02 Mr. S. A. Khair 19.05.1982 – 04.12.1985
03 Mr. Chowdhury A. K. M. Aminul Haque 14.01.1986 – 30.03.1986
04 Mr. Keramat Ali 20.04.1986 – 09.04.1989
05 Major General (Retd.) M. Shamsul Haque (MP) 23.04.1989 – 24.05.1990
06 Mr. Md. Abdur Rahim (MP) 04.06.1990 – 25.11.1990
07 Mr. Md. Akhtar Ali 26.12.1990 – 30.06.1991
08 Mr. Iqbal Mahmud 04.08.1991 – 12.02.1996
09 Mr. A. N. M. Eusuf 28.02.1996 – 06.08.1996
10 Mr. M. Asafuddowlah 03.09.1996 – 03.08.1998
11 Mr. Mohammed Farashuddin 08.09.1998 – 18.11.1998
12 Mr. A. I. Aminul Islam 14.12.1998 – 14.06.2000
13 Mr. Muhammed Ali 27.06.2000 – 31.07.2001
14 Professor Dr. Amirul Islam Chowdhury 09.08.2001 – 07.08.2002
15 Mr. B. M. M. Mozharul Huq, NDC 12.08.2002 – 20.04.2003
16 Professor Mahbub Ullah 22.08.2003 – 19.04.2006
17 Mr. A. B. Mirza Md. AzizulIslam 19.04.2006 – 12.12.2006
18 Mr. Ali Imam Majumder 14.12.2006 – 16.11.2007

Sl. Chairman, Board of Directors, Sonali Bank Limited Tenure
01 Mr. Ali Imam Majumder 17.11.2007 – 09.09.2009
02 Mr. Quazi Baharul Islam 14.09.2009 – 27.12.2012
03 Dr. A H M Habibur Rahman 27.12.2012 – 19.04.2015
04 Mr. Md. Fazle Kabir 05.05.2015 – 20.03.2016
05 Mr. Mohammad Muslim Chowdhury, Chairman (Acting) 21.03.2016 – 25.07.2016
06 Mr. Md. Ashraful Moqbul 26.07.2016 – 30.07.2019
07 Mr. Ziaul Hasan Siddiqui 22.08.2019 – 21.08.2022
08 Mr. Ziaul Hasan Siddiqui 31.08.2022 – Till Date

CHIEF EXECUTIVE OFFICERS OF SBPLC
Sl. Name Designation Tenure
Administrators / Managing Directors of Sonali Bank
01 Mr. M. Fazlur Rahman Administrator 16.12.1971 - 28.03.1972
02 Mr. G. M. Chowdhury Managing Director 29.031972 – 26.03.1973
03 Mr. A. K. N. Ahmed Managing Director 27.03.1973 – 17.11.1974
04 Mr. S. A. Chowdhury (Current Charge) Managing Director 18.11.1974 – 24.01.1975
05 Mr. K. A. Rashid Managing Director 25.01.1975 – 02.06.1979
06 Mr. S. A. Chowdhury (Current Charge) Managing Director 05.06.1979 – 31.07.1979
07 Mr. K. A. Rashid Managing Director 01.08.1979 – 12.03.1981
08 Mr. Abul Hashem (Current Charge) Managing Director 13.03.1981 – 02.05.1981
09 Mr. M. Ijadur Rahman Managing Director 03.05.1981 – 05.09.1983
10 Mr. Lutfar Rahman Sarker Managing Director 06.09.1983 – 01.01.1985
11 Mr. Ashraful Haque Managing Director 02.01.1985 - 31.07.1986
12 Mr. Shah Md. Afanur (Current Charge) Managing Director 01.08.1983 - 09.08.1986
13 Mr. A. A. Qureshi Managing Director 10.08.1986 - 01.10.1988
14 Mr. M.M.Nurul Haque (Current Charge) Managing Director 02.10.1988 - 18.04.1989
15 Mr. M. Ahsanul Haque Managing Director 19.04.1989 – 01.08.1996
16 Mr. Kh.Monjur Murshid (Current Charge) Managing Director 02.08.1996 - 02.08.1996
17 Mr. A. Q. Siddiqui Managing Director 03.08.1996 – 18.02.1997
18 Mr. Khandkar Ibrahim Khaled Managing Director 18.02.1997 – 03.11.1997
19 Mr. Mahbubur Rahman Khan Managing Director 03.11.1997 – 02.11.1999
20 Mr. Mahammad Hussain Managing Director 03.11.1999 – 02.01.2000
21 Mr. Md. Yusuf Ali Hawlader (Acting) Managing Director 03.01.2000 – 05.01.2000
22 Mr. Md. Enamul Haque Choudhury Managing Director 06.01.2000 – 15.05.2001
23 Mr. S. A. Chowdhury Managing Director 16.05.2001 - 12.11.2001
24 Mr. Rabiul Hossain Managing Director 12.11.2001 – 08.07.2004
25 Mr. M. Tahmilur Rahman Managing Director 09.07.2004 – 16.11.2006
26 Mr. Md. Amanullah (Additional) Managing Director 17.11.2006 – 16.12.2006
27 Mr. S. M. Aminur Rahman Managing Director 17.12.2006 – 14.11.2007
CEO & Managing Directors of Sonali Bank Limited
01 Mr. S. M. Aminur Rahman Managing Director & CEO 15.11.2007 – 25.01.2008
02 Mr. Mohammad Humayun Kabir(Additional) Managing Director & CEO 26.01.2008 - 27.01.2008
03 Mr. S. A. Chowdhury Managing Director & CEO 28.01.2008 – 27.01.2010
04 Mr. Kazi Fakhrul Islam (Additional) Managing Director & CEO 28.01.2010 – 19.05.2010
05 Mr. Mohammad Humayun Kabir Managing Director & CEO 20.05.2010 – 19.05.2012
06 Mr. Mohammad Atiqur Rahman (Additional) Managing Director & CEO 20.05.2012 – 16.06.2012
07 Mr. Pradip Kumar Dutta Managing Director & CEO 17.06.2012 - 16.06.2016
08 Mr. Ataur Rahman Prodhan (Additional) Managing Director & CEO 17.06.2016 – 23.08.2016
09 Mr. Md. Obayed Ullah Al Masud CEO & Managing Director 24.08.2016- 23.08.2019
10 Mr. Md. Ataur Rahman Prodhan CEO & Managing Director 28.08.2019- 27.08.2022
11 Mr. Md. Afzal Karim Chief Executive Officer 28.08.2022-Till Date

24
SONALI BANK PLC AT A GLANCE
Capital
Loans and Classified Foreign Operating Manpower Manpower No of Authorized Paid up
Year Deposit Import Export Net Profit Adequacy
Advances Loans remittance Profit (Officer) (Staff) Branches Capital Capital
Ratio
SONALI BANK PLC
2023 1506184 1008053 133410 467313 20215 86313 38462 6515 10.07 16768 1489 1232 60000 45300
2022 1420363 846430 125537 436769 25988 109210 23823 3710 10.05 15806 1736 1231 60000 45300
2021 1350816 690597 119585 314539 32114 125264 20904 3457 10.04 16288 1912 1229 60000 45300
ANNUAL REPORT 2023

2020 1258786 586233 107674 165662 25173 129056 21527 3234 10.02 16738 2180 1226 60000 45300
2019 1158788 551026 111994 255965 25666 111483 17100 2710 10.09 17245 2364 1224 60000 45300
2018 1097666 464166 121883 257020 32503 102781 20257 2264 10.10 14671 2600 1215 60000 45300
2017 1064311 423218 149302 1155300 28494 82292 11955 7092 10.35 15308 2993 1211 60000 41300
2016 1031608 384538 109115 134328 36882 105922 4251 1516 10.33 18793 1410 1209 60000 38300
2015 866012 346346 86849 200599 45432 124798 8651 587 10.08 19401 2699 1207 60000 38300
2014 778043 337554 86437 300143 63525 127652 8547 6055 12.24 19554 2892 1204 60000 31200
2013 685895 343451 103769 195892 62967 132862 2971 3580 7.59 19653 3237 1203 20000 11250
2012 599294 378147 125975 287288 87408 116866 11036 (24959) (0.94) 20088 3295 1200 20000 11250
2011 533192 345991 61588 307479 80878 101538 12391 9957 12.60 18596 3342 1196 20000 11250
2010 478134 286098 68315 164043 74143 104378 8489 (975) 10.80 17989 2851 1187 20000 9000
2009 406152 254023 69834 96864 64442 102609 2311 3490 14.60 18091 3415 1183 20000 9000
2008 364386 231167 72677 151465 79390 103445 1617 2311 12.61 11507 10332 1182 20000 9000
2007 328997 206348 92014 76497 78046 92178 4247 974 12.47 11769 10773 1183 10000 9000
2006 302303 241029 58901 67763 79695 98449 3006 (36276) (16.32) 12118 11155 1183 10000 5000
2005 277079 227001 51126 118528 64092 75482 3964 208 4.06 12380 11553 1183 10000 3272
2004 252234 168283 47654 85239 57213 76680 953 158 4.65 12732 11718 1186 10000 3272
2003 230339 155198 49664 52577 47907 65535 540 106 5.08 12260 12455 1186 10000 3272
2002 222222 156113 52863 52940 41503 66098 910 159 5.07 12380 12857 1221 10000 3272
2001 215541 141993 54399 41419 43809 50090 491 82 5.02 12728 13025 1291 10000 3272
2000 197381 133281 51507 50822 44211 47935 797 132 - 12171 13875 1293 10000 3272
Capital
Loans and Classified Foreign Operating Manpower Manpower No of Authorized Paid up
Year Deposit Import Export Net Profit Adequacy
Advances Loans remittance Profit (Officer) (Staff) Branches Capital Capital
Ratio
1999 169373 123563 57761 35276 38958 41303 126 126 - 11990 14065 1306 10000 3272
1998 151707 94441 47112 34271 36828 29793 102 102 - 12061 14457 1311 10000 3272
1997 136062 85451 39009 32040 33158 24092 132 132 - 11629 14496 1313 10000 3272
1996 123835 76116 30867 29505 26284 19810 248 248 - 8716 17527 1313 10000 3272
1995 110833 65830 25081 41872 20998 19781 716 716 - 8667 17551 1310 10000 3272
1994 101411 53893 21245 28368 18818 18809 613 613 - 8736 16941 1307 10000 3272
1993 84685 53631 21600 13136 12140 15385 20 20 - 8149 17487 1303 10000 3272
1992 76678 48693 17567 13294 10557 14984 45 45 - 8285 16477 1300 10000 2427
1991 68766 45218 11971 12234 10668 13756 17 17 - 7661 17450 1296 10000 2427
1990 57392 44311 - 16980 12559 13180 51 51 - 7608 17650 1291 10000 2427
1989 52214 41868 - 20190 11335 11846 52 52 - 7480 18222 1285 200 55
1988 45795 35277 - 17271 9703 11305 160 160 - 7337 18507 1276 200 55
1987 39629 29808 - 16563 7531 11356 164 164 - 7148 18441 1262 200 55
1986 35572 29272 - 14465 6835 10300 459 459 - 7363 18522 1254 200 55
1985 34576 27541 - 13514 7290 8501 499 499 - 6080 19191 1245 200 55
1984 27031 22123 - 9721 6151 9081 552 552 - 6099 18321 1233 200 30
1983 20497 17011 - 9796 5841 11022 505 505 - 5253 16084 1214 50 30
1982 15961 16832 - 9432 5675 8343 481 481 - 3931 13776 1055 50 30
1981 11927 11856 - 8182 4701 5101 232 232 - 3947 13940 1031 50 30
1980 10967 9626 - 10926 4648 4206 177 177 - 18183 1011 50 30
1979 8388 6756 - 7908 4051 5773 96 96 - 13481 843 50 30
1978 5996 4833 - 3632 3363 3885 64 64 - 11744 709 50 30
1977 4662 3625 - 2951 2336 1805 98 98 - 10135 600 50 30
1976 3844 2419 - 2175 1649 777 91 91 - 8556 450 50 30
1975 3329 2151 - 2741 912 442 97 81 - 6989 400 50 30
ANNUAL REPORT 2023

1974 2278 1677 - 2163 663 189 40 31 - 6294 359 50 30
1973 2103 1290 - 703 525 216 25 21 - 5760 306 50 30
1972 1731 854 - 43 22 - 05 02 - 4708 274 50 20
25
SONALI BANK PLC
BOARD OF DIRECTORS
Mr. Molla Abdul Wadud Mr. Md. Afzal Karim

Director Chief Executive Officer
Professor Dr. Mohammad Kaykobad Dr. Abul Kalam Azad Mr. Ziaul Hasan Siddiqui
Director Director Chairman

Mr. Gopal Chandra Ghosh
Director
Dr. Daulatunnaher Khanam
Director
Mr. A.B.M. Ruhul Azad Dr. Md. Matiur Rahman Mr. Tauhidul Islam
Director Director Company Secretary

SONALI BANK PLC
COMPOSITION OF COMMITTEES
OF THE BOARD OF DIRECTORS
Executive Committee
Sl. Name Status with the Bank Status with the Committee
1 Mr. Ziaul Hasan Siddiqui Chairman Chairman
2 Mr. A.B.M Ruhul Azad Director Member
3 Mr. Molla Abdul Wadud Director Member
4 Mr. Md. Afzal Karim Chief Executive Officer Member
5 Mr. Tauhidul Islam Company Secretary Secretary
Audit Committee
>
1 Mr. Gopal Chandra Ghosh Director Chairman
2 Dr. Daulatunnaher Khanam Director Member
3 Professor Dr. Mohammad Kaykobad Director Member
4 Dr. Md. Matiur Rahman Director Member
Risk Management Committee

1 Mr. A.B.M Ruhul Azad Director Chairman
Composition of Shariah Supervisory Committee

Sl. Name Status with the Committee
1 Professor Dr. Muhammad Abdur Rashid Chairman
2 Mr. Molla Abdul Wadud Member
3 Mr. Md. Afzal Karim Member
4 Sanchia Binte Ali Member
5 Mr. Md. Abdul Awwal Sarkar Member
6 Mufti Mohammad Muhibbullahil Bakee Member
7 Dr. Md. Ruhul Amin Rabbani Member

EXECUTIVE
COMMITTEE
4 Mr. Md. Afzal Karim Chief Executive Officer Member

SONALI BANK PLC
AUDIT
COMMITTEE

RISK MANAGEMENT
COMMITTEE

SONALI BANK PLC
Ziaul Hasan Siddiqui

Chairman
Mr. Ziaul Hasan Siddiqui joined as Chairman of the Board of Ltd., Board member of Karma Sangsthan Bank Ltd. and AB
Directors of Sonali Bank PLC on 22 August, 2019. He is the Bank Ltd. He was an advisor to Prime Bank Limited and was
former Deputy Governor of Bangladesh Bank. an independent director of Union Capital Ltd., Summit Power
Ltd., and Summit Purbanchal Power Co. Ltd. Before joining
Mr. Ziaul Hasan Siddiqui has track-record of successfully
as Chairman of Sonali Bank Limited, Mr Siddiqui was CEO
developing customized financial and management strategies
of IOF (IGW Operators Forum). He taught Microeconomics,
to meet the needs of bank on the basis of continuous
Macroeconomics, Financial Institutions and Markets at BRAC
analysis of economic trends. He has strong ability to quickly
University, Northern University, University of Asia Pacific and
understand an organization; evaluate business and investment
Australian Catholic University in Sydney. He also lectured at
opportunities prevailing in the market and leverage those based
Bangladesh Public Administration Training Centre, Defence
on organizational strengths. He is equally savvy to ensure
Services Command and Staff College and National Defence
business growth and diversification.
College.
Mr. Siddiqui has highly successful and results-driven exposure in
Mr. Siddiqui obtained his MPA (Masters in Public Administration)
the financial sector with more than 35 years of comprehensive
degree from Harvard University (USA) and MA degree
versatile Central Bank experience. Mr. Siddiqui started his career
in Economics from Dhaka University. He enhanced his
with Bangladesh Bank in 1976. He served as Deputy Governor
professional expertise by participating in a number of foreign
of Bangladesh Bank for more than 5 years with specialization
training courses including ones from Ohio State University,
in monetary policy, foreign exchange policy and reserve
World Bank, IMF and ADB. Besides having professional diploma
management. He also served as Head of Financial Intelligence
in Banking (DAIBB), Mr. Siddiqui has completed Training and
Unit (FIU) of Bangladesh tasked with the responsibility of
Assessment Certificate Course from Australia.
upgrading Anti Money Laundering (AML) regime to international
standard and formulating strategies for Combating Financing of Late Rahim Uddin Siddiqui, father of Mr. Siddiqui was a
Terrorism (CFT). He played a key role in making Taka Convertible renowned Journalist of many prominent National Dailies of
for current account transaction, moving from fixed to floating the country, including the Daily Azad, Ittefaq, Millat etc and
exchange regime, sovereign rating of Bangladesh and drafting died a premature death while working as a class one gazetted
the Guidelines for Foreign Exchange Transaction. officer (information officer). Late Julekha Siddiqui, mother of
Mr. Siddiqui was a homemaker. Mr. Siddiqui’s wife Mrs. Bilu
He was the Managing Director of Security Printing Press
Siddiqui, is a Grade-A singer of Bangladesh Betar and BTV. She
Corporation Bangladesh Ltd. and a member of the APG
also performs in different TV channels. Mr. Siddiqui is blessed
Steering Committee representing South Asian Countries. He
with a daughter and a son. Both of them live in Australia.
also acted as the Chairman of Bangladesh Commerce Bank

A.B.M. Ruhul Azad
Director
Md. A.B.M.Ruhul Azad was appointed as a Director of the Board was promoted as Joint Secretary in 2013 and promoted as
of Directors, Sonali Bank PLC on 15 June, 2021. He is the Additional Secretary in 2017.
Chairman of the Risk Management Committee and an active
Mr. Azad obtained his B.Sc. (Honors) degree in Agricultural
member of Executive Committee of the Board of Directors
Science from Sher-E-Bangla Agricultural University, Dhaka. He
of Sonali Bank PLC. He was the former Additional Secretary
also obtained MSS degree in Government and Politics.
of Financial Institutions Division of Ministry of Finance,
Government of the People’s Republic of Bangladesh. Mr. Azad has participated in different international conferences
and meetings as a member of Bangladesh delegation. Mr. Azad
Mr. Azad is respected for his innovative ideas, concepts and
had the opportunity to participate various training, workshop
various challenging endeavors in Management & Public
and seminar held in different countries of the world such as
Administration. Mr. Azad enjoyed various positions at the
India, South Korea, Singapore, Thailand, Vietnam, China,
national level such as Additional Secretary of Ministry of Youth
Netherlands, Austria, Belgium, Switzerland, France, Turkey,
and Sports, Director of Bangladesh Krira Shikkha Pratisthan
Italy and USA. He also completed training program on “Public
(BKSP), Deputy Director of National Housing Authority (NHA)
Administration Development Program on Public Policy,
and Deputy Secretary, Ministry of Industries.
Service Delivery and Negotiations” from Duke University, North
A. B. M Ruhul Azad is a career Civil Servant and started his Carolina, USA. He has a special training on Intellectual Property
career of as an officer of BCS 8th Batch (1986). The first date Right System.
of his joining in the service was 20 December 1989. During the
A. B. M Ruhul Azad was born on 1st January, 1963 in a
early stage of his career Mr. Azad worked in different position
respectable muslim family in the District of Narsingdi. He is
of Bangladesh Ansar. In 2006, Mr. Azad was appointed as
married to Ms. Mirza Morsheda Mahbub. They are blessed with
the Deputy Secretary of Ministry of Public Administration. He
two sons.

SONALI BANK PLC
Dr. Daulatunnaher Khanam

Director
Dr. Daulatunnaher Khanam has been Director of Sonali Bank Dr. Khanam took part in international training programs,
PLC since January 13, 2019. Prior to this, she was the Deputy workshops and seminars in USA, UK, Japan, Malaysia, Singapore,
Managing Director of Bangladesh House Building Finance Thailand, Tunisia and Turkey. She participated in many training
Corporation. programs at home as well.
Dr. Khanam started her banking career as Senior Officer in Dr. Khanam authored important text books of Economics
Bangladesh Krishi Bank in 1984. Right from the beginning she for Higher Secondary students and Bangladesh Studies for
applied herself to excel as a professional banker. As a result, she graduate students that have become very popular among the
rose steadily through ranks to become the Deputy Managing students and teachers. She has serious publications to her
Director in 2018. During her long career, she held various credit on various economic topics in prestigious journals at
important positions in the bank. home and abroad.
Dr. Khanam has a distinguished academic career. She graduated Dr. Khanam is a life member of Bangladesh Economic
from Jahangirnagar University with honours in Economics in Association and Economic Association of Jahangirnagar
1981 and completed her MSc. in 1983 from the same University. University and Associate member of Bangladesh Society for
One year after she had joined BKB, she received a scholarship Training & Development Center, Dhaka.
of the Indian Government for Ph.D in Economics in Banaras
She was born in a respectable Muslim family in 1959 in the
Hindu University, Banarasi, India. Her dissertation topic was
district of Kishoregonj. She is married to Mr. Md. Shamsul Kabir
‘Role of Institutional Finance in Agricultural Development of
Khan and is blessed with two daughters and one son.
Bangladesh.’ She was awarded Ph.D degree in 1990.

Molla Abdul Wadud
Director
Mr. Molla Abdul Wadud joined as a Director of Sonali Bank professional experience in gas sector, he worked as Secretariat
PLC on 30 July, 2019. He is the member of the Executive officer, Deputy Manager, Manager, Deputy General Manager,
Committee and Risk Management Committee of the Board of Company Secretary and General Manager of Bakhrabad Gas
Directors of Sonali Bank PLC. He has been playing important Distribution Company Limited (BGDCL).
role in improving the activities of Islami Banking of the Bank as
Mr. Molla Abdul Wadud completed his graduation in Commerce
a member of Shariah Supervisory Committee. He is the former
from the University of Chittagong. Along with graduation, he
General Manager and Company Secretary of Bakhrabad Gas
also obtained LL.B. degree from the same University. He also
Distribution Company Limited (BGDCL).
completed Masters in commerce from Dhaka University.
Mr. Molla Abdul Wadud has highly successful and results He enhanced his professional expertise by participating in
driven exposure in the Gas sector. He is respected for his a number of in-country and foreign training courses during
innovative ideas, concepts and various challenging endeavors his career including Integrity Management in Organisations,
in the Gas sector of Bangladesh. He has more Administration. Training of trainers etc. He visited Malaysia, Thailand and Saudi
He has exceptional ability of organizing by ensuing coherent Arabia for the purpose of training and religious prayers.
and integrated management atmosphere. He has shown his
Mr. Wadud, Son of Late Shamsul Haque Molla and Meherun
prudence in drafting cases of the company. He was also served
Nessa Khanom, was born in Narsingdi on 02 June, 1958. He is
as compliance standard.
married with Mrs. Mahinoor Akter Chowdhury and blessed with
Mr. Molla Abdul Wadud started his career in Bakhrabad Gas two daughters.
Distribution Company Limited in 1985. During 32 years tenure of

SONALI BANK PLC
Professor Dr. Mohammad Kaykobad

Director
Professor Dr. Mohammad Kaykobad was appointed as a Bangladesh. He has been leading Bangladesh IOI team since
Director of the Board of Directors, Sonali Bank PLC on 25 2008 from which Bangladesh received 22 medals including
August, 2020. He received M.S.(Hons.) in Engineering from 4 silver medals. He was the Chief Judge of IIT Kanpur Asia
OMEI, now Odessa State Maritime University, in 1979. In 1982 Region Site of ICPC in 2010, 2011 and 2013. He received the
he received an M.Eng. Degree from AIT, Thailand, and a Ph.D outstanding coach award of ICPC in 2002 at Honolulu, Hawaii,
from the Flinders University of South Australia in 1988. Dr. only Senior Coach award recipient at the World Finals of ICPC
Kaykobad is a Fellow of Bangladesh Academy of Sciences(BAS). held at St. Petersburg, Russia in 2013, and ICPC Foundation
Life time coach award in 2019 at Porto, Portugal. He was also
Dr. Kaykobad was a Professor at CSE Department, BUET since
awarded a gold medal by Bangladesh Physics Olympiad for
1997 and served as its Head during 1996-1999. He served as
his contributions to Olympiad movement. Dr. Kaykobad was
Dean of the Faculty of EEE, BUET for two years. He is now a
recognized as distinguished alumnus in 2008 by his alma mater
distinguished Professor, CSE Department, BRAC University. Dr.
The Flinders University of South Australia. He was invited in the
Kaykobad also served as a professor at CSE Department, Kyung
prestigious Heidelberg Laureate Forum, 2014, and participated
Hee University, South Korea and at North South University
there. Dr. Kaykobad is a frequent visitor of schools, colleges and
(NSU), Bangladesh.
universities of the capital and outside.
Dr. Kaykobad has published over 50 research articles in
Dr. Kaykobad was a Visiting Professor at the CSE Department,
international journals of repute. He authored, co-authored or
the Chinese University of Hong Kong, at Kyung Hee University,
edited 15 books. Many of these books are for inspiring young
Korea, ANU and Monash University, Australia and Amritapuri
students develop either programming or mathematics skill
University, India. In year 2005 the President of the country
or for developing patriotism. He was a guest co-editor of the
presented him with a Gold Medal awarded by Bangladesh
proceedings of International Conference on Computer and
Computer Society for his contribution to computer
Information Technology (ICCIT 2009) published by Academy
programming culture in the country. In year 2006 he won BAS
Publisher.
Gold Medal for physical sciences in the senior group which was
He was a co-chair of the workshop WALCOM, 2016 held at awarded by the Prime Minister of the country. Dr. Kaykobad is a
Kathmandu, proceedings of which was published by the member of the Executive Council of Bangla Academy.
famous publisher Springer. He is also a coeditor of the book on
Dr. Kaykobad has been playing active role in the computerization
“Technical Challenges and Design Issues in Bengali Language
of both public and private enterprises. He worked as a Director
Processing”. Professor Md. Zafar Iqbal and he were entrusted
of Dhaka and Chittagong Stock Exchanges for many years.
with the responsibility of editing/ rewriting 6 text books of SSC
Currently he is an independent director of Dhaka Stock
level by the Ministry of Education.
Exchange. Dr. Kaykobad is a member of Academic Council
Dr. Kaykobad was the Organizing Chair of the first ever and Syndicate of several universities. Dr. Kaykobad was also
International Computer conference ICCIT held in the soil of member of Investigation Team of multimillion dollar cyber heist
Bangladesh. He was also the Chair of the Steering Committee from Bangladesh Bank, and was the convener of Administrative
for Workshop on Algorithms (WALCOM). He is a frequent team constituted by the Government to investigate into
column writer in National Dailies authoring over 400 articles, Question leaking of public examinations.
most of which are related to education of the country. He
Dr. Kaykobad was born on 1 May, 1954 at village Jabra, District
has been one of the pioneers in introducing Mathematics
Manikganj. He is married to Saleha Sultana Kaykobad and has
Olympiad, Olympiad in Informatics and Science Olympiad in
two sons.

Dr. Md. Matiur Rahman
Director
Dr. Md. Matiur Rahman, Member, Customs Excise & VAT Dr. Matiur has a distinguished academic career. He graduated
Appellate Tribunal was appointed as a Director of Board of from the University of Dhaka in Finance and completed his
Directors of Sonali Bank PLC on 10 February 2022. He is the masters from the same university. He stood 1st class 1st in
member of the Audit Committee of the Board of Directors of merit position with academic result. He completed his MBA
Sonali Bank PLC. Degree with major in Finance from the same university. He
also did his PhD under a distant learning program from Preston
He has more than 29 (twenty nine) years of first-hand
University, USA, where the thesis topic was ‘Individual Attitude
experience in Customs and VAT. During this time, he developed
of Shareholders in Respect of Dhaka Stock Exchange’.
in-depth knowledge in Customs and VAT laws and regulations.
He has more interest in Capital market, artificial intelligence & Dr. Matiur took part in different training sessions, both at home
modernization and has developed thorough knowledge and and abroad, on VAT accounting, Customs Modernization,
skills in that sector. Customs Automation, Post Clearance Audit, VAT Audit etc. In
PKSF, he had an extensive eight months training on Poverty
Dr. Matiur started his first job with Palli Karma Shahayak
Alleviation.
Foundation (PKSF) in 1990 as Deputy Manager Operation. There
he gained vast knowledge and expertise on rural development He was born in a respectable Muslim family in 1966 in the
and poverty alleviation. He also worked with CCI&E and EPB, district of Barishal. He is married to Mrs. Layla Kaniz. They are
where he gained knowledge on IRC, ERC, GSP regulations blessed with one son and one daughter.
etc. In the department of VAT and Excise, he worked at VAT
wing, Land Customs, Sea Customs, VAT Accounting System,
Risk Profiling, Audit, Post Clearance Audit, Investigation and
Intelligence Work, Bonded Warehouse Management etc.

SONALI BANK PLC
Dr. Abul Kalam Azad

Director
Dr. Abul Kalam Azad was appointed as Director of the Board educational and academic enrichment, as well as professional
of Director, Sonali Bank PLC on 05 September 2022. Mr. Abdul advancement.
Kalam Azad has accumulated an extensive service experience
Dr. Abul Kalam Azad conducted research on various topics
spanning over 33 years, primarily within Bangladesh Bank. During
including the importance of migrant remittances for the
this tenure, he served as an Executive Director for an impressive
Bangladesh economy, linking remittances for micro-enterprise
period of 4 years and 11 months. Before joining Bangladesh Bank,
development, dynamics and development impacts of migrant
he worked as a senior officer at Janata Bank Ltd for 5 months and
workers’ remittances, stock market development, foreign
contributed his expertise to the Bangladesh Red Crescent Society
exchange market in Bangladesh and management of migrant
for 2 years and 8 months. His diverse professional background
remittances. His research highlighted the significant role of
showcases his extensive knowledge and dedication to the field.
remittances in Bangladesh’s economy, explored the potential for
Dr. Abul Kalam Azad boasts an impressive academic profile, utilizing remittances for micro-enterprise development, analyzed
highlighted by his notable achievements and qualifications. He the dynamics of migrant workers’ remittances and examined the
obtained his Ph.D. in Finance from the esteemed University development of the stock market and foreign exchange market.
of Dhaka in 2007, where his research focused on “Financial These studies provided valuable insights into the management
Market Development in Bangladesh: Current Strategies and and impact of remittances on various sectors in Bangladesh,
Options for the Future”. Prior to that, he completed his M.Phil. contributing to the understanding of financial sector development
in International Finance at the prestigious University of Glasgow and microfinance opportunities. Dr. Azad played a prominent role
in the United Kingdom in 1998, under the distinguished Bank of in the implementation of the Financial Sector Reform Project in
England Fellowship. He obtained B.Com.(Hon’s) and M.Com. in Bangladesh from 1990 to 1996. With his extensive expertise and
Finance from the Faculty of Business Studies, University of Dhaka. knowledge, he has made significant contributions in shaping the
Furthermore, he also holds the DAIBB qualification, a Diplomaed financial landscape in Bangladesh and has actively contributed
Associate of the Institute of Bankers, Bangladesh. to the advancement of the sector through his research and
professional endeavors.
Dr. Azad’s commitment to professional growth is evident through
his active participation in diverse training programs. He attended Dr. Abul Kalam Azad serves as an adjunct faculty member at
the prestigious IMF Regional Training Institute in Singapore several esteemed universities in Bangladesh. He is associated with
for enlightening “Exchange Rate Policy Issues” program and the University of Dhaka, where he teaches in the departments
engaged in specialized training on “Diaspora & Remittances” at of Finance, Banking and Insurance, as well as International
Jonkoping University in Sweden. He also successfully completed Business. Additionally, he is a faculty member at Asian University
comprehensive sessions on World Bank procedures, banking Bangladesh in the Department of Business Studies, State
supervision, appropriate technology, treasury management and University Bangladesh in the MBA program, Stamford University
Basel II implementation. His dedication to knowledge acquisition Bangladesh in the Faculty of Business Studies, and South East
was further demonstrated through his participation in programs University in the Business Studies department. Dr. Azad’s diverse
on money laundering prevention and central banking conducted academic engagements demonstrate his commitment in sharing
by reputable institutions in Dhaka, Bangkok, and under SEANZA. knowledge and expertise across multiple educational institutions
in Bangladesh.
Dr. Azad embarked on a journey encompassing diverse
destinations including the United Kingdom, Sweden, Germany, Dr. Abul Kalam Azad, born on February 5, 1963, in the Feni district
Singapore, Malaysia, Thailand, Denmark, and Delhi. His of Bangladesh, is the esteemed offspring of the late Mr. Tajul
purposeful expedition was driven by the pursuit of official training, Islam and Mrs. Bibi Moriom.

Mr. Gopal Chandra Ghosh
Director
Mr. Gopal Chandra Ghosh was nominated as the Director of Sonali Bank a deep understanding of accounting principles and practices. His
Limited on March 7, 2023. He is a seasoned professional with 26 years of dedication to continuous professional development and commitment
diverse work experience in various key roles, including Chief Executive to excellence make him a valuable asset in the field of accounting and
officer (CEO), Deputy Managing Director (DMD), Group CFO, Financial finance.
Controller, Head of Internal Audit, SOX Project Manager, Corporate
Mr. Gopal Chandra Ghosh, a dedicated professional, has accumulated a
Accounting Manager, and ERP Project Manager. Notably, he has spent
diverse range of training experiences, solidifying his expertise in various
10 years working for the France-based Lafarge Group Company.
aspects of management and industry regulations. In October 2004, he
Mr. Ghosh is a highly accomplished professional with a diverse skill set attended a Business Continuation Planning program by BCP Consultants
and extensive expertise in various areas of business management. With a in Singapore, showcasing his commitment in ensuring uninterrupted
strong background in finance and a keen understanding of organizational business operations.
dynamics, Mr. Ghosh has proven himself as a valuable asset in driving
In January 2005, Mr. Ghosh underwent ERP Standard Training (JDE)
change and achieving strategic objectives. His exceptional abilities
conducted by PeopleSoft in KL, Malaysia, equipping him with essential
encompass a range of disciplines, including change management,
skills in enterprise resource planning. Building on this foundation,
strategy development, financial management, IFRS reporting,
he further expanded his knowledge by attending the Sarbanes Oxley
budgetary control, internal audit, business process reengineering, ERP
Act 2002 program at the SOX Institute in Chicago, USA, in May 2007,
implementation (Oracle & SAP), internal control implementation (SOX),
enhancing his understanding of financial regulations.
and business continuity planning (BCP). With an impressive track record
of success, Mr. Ghosh consistently delivers innovative solutions and To sharpen his leadership abilities, he participated in the DRIVE
guides organizations towards growth and excellence. (Leadership) program at Lafarge University in Paris, France, in September
2008. This was followed by a Strategy for Managers program by MCE in
Mr. Gopal Chandra Ghosh holds an impressive academic background
Brussels, Belgium, in November 2008, enabling him to develop strategic
with a focus on accounting. In 1993, he earned a Master of Commerce
thinking and decision- making skills.
degree with major in Accounting from the prestigious University of
Dhaka with a First Class distinction. Prior to his master’s degree, Mr. In November 2007, Mr. Gopal Chandra Ghosh further enriched his skill
Ghosh completed his Bachelor of Commerce degree with Honors in set by attending a Project Management course at XLRI in Jamshedpur,
Accounting from the same University in 1991, also achieving First Class India, enhancing his ability to oversee and execute complex projects
honors. These educational accomplishments highlight his dedication to with efficiency. Additionally, he pursued training on Quality Management
his studies and his exceptional academic abilities. Systems (ISO 9001: 2000 & 19011:2002) through CMC International
and Environmental Management Systems (ISO 14001:2004) by Bureau
Mr. Ghosh has pursued professional education and attained
Veritas, showcasing his commitment to ensuring high standards and
memberships in renowned accounting organizations, further enhancing
compliance.
his expertise and professional standing. He is honored as a Fellow
Chartered Accountant (FCA) by the Institute of Chartered Accountants of Mr. Gopal Chandra Ghosh, a distinguished individual, born on the 21st of
Bangladesh (ICAB). Additionally, Mr. Ghosh has achieved the esteemed July in the year 1969. Mr. Ghosh is the beloved son of Mr. Chitta Ranjan
designation of Fellow Cost & Management Accountant (FCMA) and is Ghosh and Mrs. Mira Ghosh. The wisdom and guidance imparted by his
a member of the Institute of Cost and Management Accountants of parents have shaped him into the remarkable individual he is today. Mr.
Bangladesh (ICMAB). He is a Certified Public Accountant (CPA) and Gopal Chandra Ghosh, with his illustrious name, family heritage, and
holds membership with CPA Australia. With his Master of Commerce linguistic prowess, embodies a life shaped by a tapestry of experiences,
degree, Bachelor of Commerce degree, and distinguished certifications rich in cultural heritage, and guided by love and commitment. He is a
as a Certified Public Accountant (CPA), Fellow Chartered Accountant testament to the beauty of individuality and the power of connection.
(FCA) and Fellow Cost & Management Accountant (FCMA), he possesses

SONALI BANK PLC
Mr. Md. Afzal Karim

Mr. Md. Afzal Karim has been Chief Executive Officer of on banking that were held at home and abroad and visited
Sonali Bank PLC since August 28, 2022. Prior to this, he was several countries including USA, Singapore, Thailand, Malaysia,
Managing Director of Bangladesh House Building Finance Indonesia, Italy, Turkey and India.
Corporation (BHBFC), Formerly he held the position of Deputy
A profound philanthropist, Mr. Karim is engaged in many
Managing Director of Sonali Bank PLC and Bangladesh Krishi
humanitarian activities. He was born in the district of Barishal
Bank respectively. He was appointed to these positions by the
in 1964. His hobby is travelling, swimming and reading books.
consent of Government of Bangladesh.
Mr. Karim also holds the following Ex-Officio positions at home
Mr. Karim was only rewarded the Integrity Award among all MD's
and abroad:
and CEO's of Banks and Financial Institutions of Bangladesh
for FY 2021-2022 in recognition of his efficiency, honesty Chairman:
and integrity by the Financial Institutions Division, Ministry of • Padma Bank PLC.
Finance. • Bangladesh Foreign Exchange Dealers Association
(BAFEDA)
Md. Afzal Karim is a man with distinctive vision, dynamism,
• Primary Dealers Bangladesh Limited (PDBL)
commitment & innovative ideas. He also has an illustrious career
• Sonali Investment Limited.
with 35 years of diversified experience in banking and other
• Sonali Intellect Limited.
organizations. He joined at Bangladesh House Building Finance
Corporation (BHBFC) as Senior Principal Officer in 1995. Prior to
Vice-President:
his joining at BHBFC he had a variety of responsible positions for
eight years in four other domestic and international businesses • Institute of Bankers, Bangladesh (IBB)
including one government institutions. He is ISSB (Inter Service
Director:
Selection Board) qualified (EME-06, Board-621, EME-8A/2) in
• Sonali Exchange Co Inc., New York
1987 for Commissioned Officer (Captain) at Bangladesh Army,
• Investment Corporation of Bangladesh (ICB)
but finally he developed his carrier in Banking Sector.
• Central Depository Bangladesh Limited (CDBL)
Mr. Karim graduated from Khulna University of Engineering • Industrial and Infrastructure Development Finance
and Technology (KUET) with BSc. in Mechanical Engineering. Company Limited (IIDFC).
He also obtained Post Graduate Diploma Degree in
Member:
Industrial Management (PGDIM) from Bangladesh Institute
of Management (BIM) and MBA (Major in Finance & Banking) • Governing Board, Bangladesh Institute of Bank
from Northern University, Bangladesh with distinction. He took Management (BIBM).
part in numerous training courses, seminars and workshops

CHIEF EXECUTIVE OFFICER
MR. MD. AFZAL KARIM

DEPUTY MANAGING DIRECTORS
SANCHIA BINTE ALI MIR MOFAZZUL HOSSAIN SUBHASH CHANDRA DAS FCA, FCMA
KAZI MD. WAHIDUL ISLAM PARSOMA ALAM SHAMIM UDDIN AHMED MD. ABU SAYED
Transferred to Rupali Bank Joined on 28.04.2024 Promoted and Joined
PLC on 25.04.2024 on 15.04.2024

SONALI BANK PLC
GENERAL MANAGERS
MD. REZAUL KARIM TAUHIDUL ISLAM MD. ABDUL QUDDUS
MIR HASAN MAHAMMAD ZAHID A.K.M. SALIM AHMED MD. MONIRUZZAMAN
MD. ALI ASHRAF ABU TAHER MD. NURUN NABI MD. ZAMAN MOLLA

GENERAL MANAGERS
KHOKON CHANDRA BISWAS GOPAL CHANDRA GOLDER GIAS UDDIN MAHMOOD
MD. RASHIDUL ISLAM MD. SAFAYAT HOSSAIN PATWARY MD. RAFIQUL ISLAM
MD. NAZRUL ISLAM ASHRAFUL HAIDER CHOWDHURY KAZI MD. MOFIZUL ISLAM

SONALI BANK PLC
GENERAL MANAGERS
MD. MIZANUR RAHMAN MAZUMDER MD. SHAHJAHAN MD. AMINUL ISLAM
MOHAMMAD MOHIUDDIN BHUIYAN SHAHIDA KHANAM MD. SHAFIQUL ISLAM
ZAHIDUL ISLAM MOLLAH MD. ARSHAD HOSSAIN MD. SHAJAHAN

GENERAL MANAGERS
MD. SORIAT ULLAH MD. MUSA KHAN MOHAMMAD IQBAL KABIR
NAIMA AKHTER MD.SAIFUL AZIZ MD. DELOWER HOSSAIN

Chief Engineer
IMRAN AHMED MOHAMMAD REZWAN AL MD. BAREKUZZAMAN MD IQBAL HOSSAIN

Chief Audit Officer BAKHTIAR (CITO) Chief Law Officer ACMA, CFA, FRM
(Tenure ended on 07.02.2024) Chief Information Technology Officer Chief Financial Officer (CFO)

SONALI BANK PLC
DEPUTY GENERAL MANAGERS

Sl. Name Sl. Name
1 MR. MD. GOLAM SIDDIQUE 42 MR. MOHD. MOKBUL HOSSAIN
2 MR. MUNSHI ZAHIDUR RASHID 43 MR. MD. JASHIM UDDIN KHAN
3 MS. SHAHNAZ BEGUM 44 MR. KHONDOKAR ABDUS SALAM
4 MR. MOHAMMAD MONOARUL ISLAM 45 MR. MD. ASHADUZZAMAN
5 MR. MOHD. RABIUL ALAM 46 MR. MD. KHAIRUL ALAM
6 MR. MD. MANIR HOSSAIN 47 MR. MD. MASUDUR RAHMAN
7 MS. UMME KULSUM 48 MR. MD. SERAJUL ISLAM CHOWDHURY
8 MS. BITHI AKTER 49 MR. ALAMGIR KABIR CHOWDHURY
9 MR. MD. TANGIMUL ISLAM 50 MR. MD. MANIRUL HASAN
10 MR. MOHAMMED ISMAIL 51 MR. MD. SHAFIZ UDDIN
11 MS. RAWSHAN JAHAN 52 MR. DEVASREE MITRA
12 MS. AKLIMA ISLAM 53 MR. MD. GOLAM HASAN
13 MR. JAHANGIR ALAM 54 MR. MD. ALTAF HOSSAIN
14 MR. MD. YAKUB MAZUMDER 55 MR. MD. BABUL HOWLADER
15 MR. MOHAMMAD FAZLUL KABIR 56 MR. MD. AMINUR RAHMAN KHAN
16 MR. MD. ABDUL BAREK CHOWDHURY 57 MR. MD. MAHFUZUR RAHMAN
17 MR. MD. ZAHID IQBAL 58 MR. MD. KHAIRUL ANAM BHUIYAN
18 MR. MD. SARWAR ABEDIN 59 MR. MD. OHIDUZZAMAN
19 MR. MD. ABDUR RAZZAQUE 60 MR. MD. SALIM ULLAH
20 MR. MD. SHAHADAT HOSSAIN 61 MR. MD. HARUN-OR-RASHID
21 MR. MOHAMMAD FOORKAN 62 MS. SHAMEEMA NOOR
22 MR. MD. ATIQUR RAHMAN 63 MS. NILUFA SULTANA RUMA
23 MR. MD. REZWANUL ISLAM 64 MR. ABU BAKAR SIDDIQUE
24 MR. MUHAMMAD MONIRUZZAMAN 65 MR. MD. MAZIBUR RAHMAN
25 MR. MD. MAHTAB HOSSAIN 66 MR. MD. HAFIZUR RAHMAN
26 MR. MOHAMMAD YASIN 67 MR. MD. MUSTAFIZUR RAHMAN
27 MR. MD. SHAH ALAM 68 MR. GOLAM MOHIUDDIN
28 MR. MD. EMRAN ULLAH 69 MR. MD. JAHANGIR ALAM SIDDIQUEE
29 MR. GOURNITAI BHADRA 70 MR. PRADIP KUMER PAUL
30 MS. PRANATI RANI DAS 71 MR. INDRAJIT DAS
31 MR. SYED MD. TOWHIDUL HAQUE 72 MS. NASIMATUL ZANNAT
32 MR. MD. NAZRUL ISLAM 73 MR. MD. ABDUL MATIN
33 MR. NIZAM UDDIN BHUIYAN 74 MR. MD. MIZANUR RAHMAN
34 MR. SAMIR KUMAR BISWAS 75 MR. SANJIB KUMAR GHOSH
35 MR. MD. RAFIQUL ISLAM 76 MR. FARID AHMAD
36 MR. MOHAMMAD SHAHBIR 77 MR. MD. ABDUL HADI
37 MR. SK. SHAHIDUL ISLAM 78 MR. MOHAMMAD KAMRUL ALAM SIDDIQUI
38 MR. MD. SHAWKAT ZAMAN 79 MS. SHAMIM ARA BEGUM
39 MR. MD. FAKRUL ISLAM 80 MR. MD. AMINUR RAHMAN
40 MR. MD. MAHMUDUL HAQUE 81 MR. MD. ABDUL MALEQUE
41 MR. MD. ZAKIR HOSSAIN MAZUMDER 82 MR. MOHD. NAZMUL HAQUE

Sl. Name Sl. Name
83 MR. MD. JAHANGIR ALAM SARDAR 126 MR. MD. MAMUNUR RASHID BHUIYAN
84 MR. BIVASH CHANDRA HOWLADER 127 MR. ABDULLAH FOYSAL
85 MR. BIKASH CHANDRA DAS 128 MR. HASAN HAFIZUR RAHMAN
86 MS. NURUN NEHER 129 MR. MD. HASMOT ALI
87 MS. SHAHANAZ BEGUM 130 MS. BEGUM ASHRAFUN NESA
88 MR. MD. FAZLUL HAQUE 131 MR. PRITI KUSUM CHAKMA
89 MR. RASHED BIN ROUF 132 MR. SHAMIR BIKASH PAUL
90 MR. MAHBUBUL ALAM 133 MS. SHAWKAT ARA KHANOM
91 MR. MD. SHAHEEN MIAH 134 MR. MD. KHONDAKER MAZHARUL KABIR
92 MR. MD. MUSTAFA ALI SIDDIQUEE 135 MR. MD. NASIRUDDIN KHAN
93 MR. MD. ZAHURUL ISLAM 136 MR. SHEIK MOHAMMAD SUJADUL HUQ
94 MR. HIRALAL DAS 137 MR. MD. OLIUZZAMAN
95 MR. MD. FERDOUS SERNIABAT 138 MR. MD. FARUKH HASAN
96 MR. SATYAJIT PAUL 139 MR. MD. MOTALEB HOSSAIN
97 MR. MOHAMMAD BELAL HOSSAIN 140 MR. IFTEKHAR MAHMUD
98 MR. KAZI MOHAMMAD SANA ULLAH 141 MR. MOHAMMAD ROKNUZZAMAN
99 MR. ISPAHANI ISLAM 142 MR. MUHAMMAD ABDULLAH AL MOMEN
100 MR. ALAK KUMAR BAL 143 MS. MUNMUN MONDAL
101 MR. Z.A.M. IMAMUL HUDA 144 MR. I.A.M. KHALIL ULLAH
102 MR. MD. SAIFUR RAHMAN 145 MR. SANJIT KUMAR BANIK
103 MR. MD. ISMAIL MAZUMDER 146 MR. SONTOSH CHANDRA DEBNATH
104 MR. MD. ANISUZZAMAN 147 MR. ABUL KALAM AZAD
105 MS. LIPIKA DAS 148 MR. MOHAMMAD SAIFUR RAHMAN
106 MR. MD. SHARIF MIZANUR RAHMAN 149 MR. PRASHANTA KUMAR PAUL
107 MR. BISHWAJIT ACHARYA 150 MR. MOHAMMAD ASLAM HOSSAIN
108 MR. MD. SHAH ALAM 151 MR. MD. SHAMIM AZAD
109 MR. MD. AHSANUL KABIR 152 MR. SUKUMAR ROY
110 MR. MD. KAMRUZZAMAN 153 MR. SK. AL MAMUN
111 MR. GHAZI AL-BERUNI 154 MR. MOHAMMAD ABU BAKER SIDDIQUE
112 MR. SYED NAZIRUL ISLAM 155 MR. MOHAMMAD ASAD
113 MR. MD. MUBARAK HOSSAIN 156 MR. DILIP KUMAR PAUL
114 MR. PANKAJ KUMAR GOLDER 157 MR. MOHAMMAD ANAMUL HOQUE
115 MR. SHAYAMAL KUMAR MONDAL 158 MR. K.M.NAJMUL AHSAN
116 MR. MD. FARUQUE 159 MR. MOHAMMED ABDUL MATIN
117 MR. DEBASISH SAMADDER 160 MR. A.T.M. MAHABUBUL ALAM
118 MR. SAMIRAN CHANDRA KARMAKER 161 MR. MONOTOSH SARKAR
119 MR. MD. SHAHDAT HOSSAIN LINTU 162 MR. MD. WAHEDUN NABI
120 MR. SATYA RANJAN SAHA 163 MR. MD. MAMUNUR RASHID HELALY
121 MR. MD. SHAH ALAM 164 MR. MOHAMMAD KAMRUL HASSAN
122 MS. JESMIN SULTANA 165 MR. SANJOY KUMAR ROY
123 MR. MD. ZAHIRUL ISLAM 166 MR. MD. ARIFUL KABIR
124 MR. HIMANGSHU ACHARYA 167 MS. JANNATUL FERDAUS
125 MR. SHAH MD. SHAMEEM KADIR

SONALI BANK PLC
MESSAGE FROM
THE CHAIRMAN
I would like to express my sincere gratitude to

the Government of Bangladesh specially the
Financial Institutions Division of Ministry of Finance,
Bangladesh Bank, Bangladesh Securities and
Exchange Commission, Office of the Registrar
of Joint Stock Companies and Firms, the Stock
Exchange for their continued support and guidance.
Ziaul Hasan Siddiqui

Chairman
wemwgjøvwni ivn&gvwbi ivwng Bismillahir Rahmanir Rahim
m¤§vwbZ †kqvi‡nvìvie„›` Distinguished Shareholders
Avm&mvjvgy AvjvBKzg| Assalamu Alaikum.
†mvbvjx e¨vsK wcGjwm (mv‡eK †mvbvjx e¨vsK wjwg‡UW) It is indeed a great pleasure and privilege for me to
Gi mß`k evwl©K mvaviY mfvq Avcbv‡ì ¯^vMZ Rvbv‡bvi welcome you all to the 17th Annual General Meeting
of Sonali Bank PLC (former Sonali Bank Limited).
my‡hvM †c‡q cwiPvjbv cl©‡ì †Pqvig¨vb wn‡m‡e Avwg AZ¨šÍ On behalf of the Board of Directors and on my own
Avbw›`Z| †mvbvjx e¨vsK Gi cwiPvjbv cl©` Ges Avgvi behalf, I would like to express my cordial greetings and
wb‡Ri c¶ †_‡K Avcbv‡ì mKj‡K RvbvB mvì m¤¢vlb I extend warm felicitations to you all. It is your continued
ï‡f”Qv| Avcbv‡ì Ae¨vnZ mg_©b I mn‡hvwMZvi Kvi‡Y support and active co-operation that enabled us to
attain sustained success by overcoming all challenges.
e¨vsK mKj P¨v‡jÄ †gvKv‡ejv K‡i mdjZvi aviv eRvq I feel proud to present before you the Annual Report
ivL‡Z mÿg n‡q‡Q| †mvbvjx e¨vsK Gi 2023 mv‡ji of the Bank for the year 2023 along with the Audited
Avw_©K weeiYxmn evwl©K cÖwZ‡e`b Avcbv‡ì ch©v‡jvPbv, Financial Statements for your review, comments and
gZvgZ I Aby‡gv`‡bi Rb¨ Dc¯’vcb Ki‡Z †c‡i Avwg approval.
‡MŠie Abyfe KiwQ|
GB ïfÿ‡Y Mfxi kÖ×vi mv‡_ ¯§iY KiwQ RvwZi wcZv At this gracious moment, I remember with great respect
the Father of the Nation Bangabandhu Sheikh Mujibur
e½eÜz †kL gywReyi ingvb, ¯^vaxbZv hy‡× wbnZ 30 j‡ÿi
Rahman, more than three million martyrs, heroine, heroic
AwaK exi knx`, exiv½bv, exi †mbvbx- hv‡ì i³, Z¨vM I freedom fighters whose blood, supreme sacrifice and
mvnwmKZvi wewbg‡q wek¦ ìev‡i ¯^vaxb evsjv‡`‡ki Af~¨`q valor helped us to achieve the glorious independence
N‡U‡Q| of Bangladesh.
wek¦ A_©bxwZ †KvwfW-19 AwZgvix Ges ivwkqv-BD‡µb The global economy remains surprisingly resilient
hy‡×i d‡j wekê¨vcx m„ó R¦vjvbx I Lv`¨ msKU, g~j¨ùxwZi through the global disinflation of 2022–23 that was started
with supply-chain disruptions due to the COVID -19 pandemic,
Pig DaŸ©MwZi d‡j mvivwe‡k^ avivevwnKfv‡e K‡Vvi a Russian-initiated war on Ukraine that triggered a global
ms‡KvPbg~jK Avw_©K bxwZ MÖnY Kiv nq| GiB cÖfv‡e energy and food crisis, and a considerable surge in
gy`ªvùxwZRwbZ g~j¨ùxwZ 2022-23 Gi †klv‡a© wb‡P †b‡g inflation, followed by a globally synchronized monetary
policy tightening. Central bank policies in many countries
G‡jI G mg‡q wek^ A_©bxwZ Avðh©RbKfv‡e w¯’ive¯’vq
around the world, including the US Federal Reserve (Fed),
wQ‡jv| g~j¨ùxwZ wbqš¿‡Y hy³iv‡óªi †dWv‡ij wiRvf©mn have increased interest rates several times to control
we‡kî wewfbœ †`‡ki †K›`ªxq e¨vsKmg~n wewfbœ mg‡q my`nvi inflation. As a result, the negative impact on the current
e„w× K‡i‡Q| d‡j Avg`vwbwbf©i †`kmg~‡ni PjwZ wnmv‡ei account balance of various import-dependent countries
continues to increase. Global inflation is estimated at 8.8
fvimv‡g¨ FYvZ¡K cÖfve cwijwÿZ n‡jI g~j¨ùxwZi nvi
percent in 2022 (annual average), 6.6 percent in 2023
2022 mv‡ji 8.8% n‡Z 2023 mv‡j 6.6% Ges 2024 and will be 4.5 percent in 2024.
mv‡j 4.5% G †b‡g Avm‡e e‡j aviYv Kiv n‡”Q|
wek¦e¨vcx A_©‰bwZK †`v`yj¨gvbZvi g‡aÏ mviv †`ke¨vcx In the midst of worldwide economic turmoil, Sonali
Bank, the largest state-owned commercial bank with a
Qwo‡q _vKv mywekvj †bUIqv‡K©i AwaKvix †`‡ki me©e„nr
large branch network throughout the country, is serving
ivóª gvwjKvbvaxb evwYwR¨K e¨vsK, †mvbvjx e¨vsK RvwZ‡K the nation by participating into government entrusted
†mev cÖ`v‡bi A½xKvi c~i‡Y miKvi KZ©„K b¨¯Í wewfbœ activities for the better protection of the society. The
ai‡bi mvgvwRK myi¶vg~jK Kg©Kv‡Û AskMÖnY K‡i bank remains committed to provide banking services
to the people from all walks of life by ensuring best
Avm‡Q| Gi cÖavb j¶¨ MÖvnK I †kqvi †nvìvi‡ì m‡e©v”P
satisfaction of its customers as well as shareholders.
mš‘wói wbðqZv weav‡bi cvkvcvwk mgv‡Ri me©¯Í‡ii It provides 37 services for free and 14 services at
gvby‡li Kv‡Q e¨vswKs †mev †cŠu‡Q †`qv| G j‡ÿ¨ e„nËi nominal charge for the greater interest of the people
Rb¯^v‡_© miKv‡ii AwfcÖvq Abyhvqx MÖvnK‡ì‡K 37wU †mev in line with government aspiration. Besides, various
socio-economically profitable programs have been
webvg~‡j¨, 14wU ‡mev bvggvÎ g~‡j¨ w`‡q _v‡K| GQvov
undertaken although some of them may not be viable
evwYwR¨Kfv‡e AbyK~j bv n‡jI Av_©-mvgvwRK Dbœq‡b commercially.
cvi½g- GiKg †ekwKQy †cÖvMÖvg nv‡Z †bqv n‡q‡Q|

SONALI BANK PLC
gvbbxq cÖavbgš¿x KZ©K „ †NvwlZ ¯§vU© evsjv‡`k wewbg©vYmn Hon’ble Prime Minister launched the Universal Pension
Scheme on 17th August 2023 in order to bring all the
‡`‡ki mKj bvMwiK‡K mvgvwRK myiÿvi AvIZvq wb‡q citizens of the country under social security, along with
Avmvi j‡ÿ¨ MZ 17 AvM÷ 2023 Zvwi‡L gvbbxq cÖavbgš¿x the construction of ‘Smart Bangladesh’ announced
mve©Rbxb †cbkb ¯‹xg Pvjy K‡ib| †mvbvjx e¨vs‡Ki wbR¯^ by the Hon’ble Prime Minister. Through Sonali Bank’s
mdUIq¨vi Õ†mvbvjx †c‡g›U †MUI‡qÕ Gi gva¨‡g †`‡ki own software ‘Sonali Payment Gateway’, citizens from
home and abroad can pay the monthly subscription/
bvMwiKMY †`k I we‡`k n‡Z mve©Rbxb †cbkb ¯‹x‡gi gvwmK fee of Universal Pension Scheme online. To make a
Puv`v/wd cwi‡kva Ki‡Z cvi‡Qb| AvaywbK cÖhwy ³wbf©i I technology based and cashless “Smart Bangladesh”
K¨vk‡jm †mvmvBwU MVbmn 2041 mv‡j Smart Bangladesh within 2041, Sonali Bank has implemented numbers
wewbgv©‡Y †mvbvjx e¨vsK ÔwKD Avi †KvW †eBRW K¨vk AvDUÕ of technology based services like ’’QR Code Based
Cash Out’’, ’’Sonali e-Sheba’’ and ’’Sonali e-Wallet’’
myweav Ô†mvbvjx B-†mevÕ I Ô†mvbvjx B-Iqv‡jUÕ Gi g‡Zv etc. Clients can make any kind of payment through
†ekwKQz †mev ev¯Íevqb K‡i‡Q| Ô†mvbvjx B-†mevÕ Gi gva¨‡g ’’QR Code Based Cash Out” facility and they are able
MÖvnKiv Lye mn‡RB N‡i e‡mB GKvD›U Lyj‡Z cv‡i| GiB to open accounts even from their home through
avivevwnKZvq cieZ©x‡Z Ô†mvbvjx B-Iqv‡jUÕ Pvjy Kiv nq hvi ’’Sonali e-Sheba’’. Subsequently, the bank introduced
’’Sonali e-Wallet’’. This wallet helps the clients to
gva¨‡g MÖvnKiv †h †Kv‡bv mgq †h †Kv‡bv wnmv‡e †jb‡`bmn make transactions to any accounts, pay the bills and
wewfbœ wej, cixÿvi wd, U¨v·mn mKj †jb‡`b m¤úbœ Ki‡Z taxes etc. Moreover, the bank is operating “Blaze”
cv‡i| GQvov cÖevmx‡ì myweav‡_© gvÎ 5 †m‡K‡Û †iwgU¨vÝ for the expatriates to receive their remittance in just
Avni‡Yi Rb¨ ÔBlazeÕ, wd«j¨vÝvi‡ì ‡c‡g›U Avni‡Yi Rb¨ 5 seconds, “Skrill” for the freelancers to receive their
payments, “Sonali Payment Gateway” for schools,
ÔSkrillÕ, ¯‹jz K‡jRmn wewfbœ cÖwZôv‡bi MÖvnKM‡Yi †eZb, wd, colleges and for the clients of different organizations,
PvR© cwi‡kv‡ai Rb¨ †mvbvjx †c‡g›U †MUI‡q, m¦qswµq Pvjvb “Automated Challan System” to deposit payments in
c×wZ (A‡Uv‡g‡UW Pvjvb wm‡÷g)-mn wewfbœ cÖhwy ³ cwiPvjbv government accounts etc.
Ki‡Q|
b‡fj K‡ivbv fvBivm Gi cÖv`yfv© ‡ei Kvi‡Y evsjv‡`‡k To face the adverse effect in the economy of Bangladesh
due to novel Corona Virus, the Prime Minister of the
m¤¢ve¨ A_©‰bwZK cÖfve †gvKv‡ejvq KzwUi, gvB‡µv I gvSvwi government of the Peoples’ Republic of Bangladesh
wkí D‡`¨v³v‡ì mÿgZv Aÿzbœ ivLvi j‡ÿ¨ MYcÖRvZš¿x declared a 200 (Two Hundred) million incentive package
evsjv‡`k miKvi Gi gvbbxq cÖavbgš¿x KZ©K „ 5 GwcÖj 2020 for retaining the capability of cottage, micro, small and
Zvwi‡L wmGgGmGgB Gi AvIZvq 20(wek) nvRvi †KvwU medium enterprises entrepreneurs (CMSME). Of that,
Sonali Bank successfully disbursed Tk. 4,200.00 million
UvKvi Avw_©K mnvqZv c¨v‡KR †NvlYv Kiv nq| D³ cÖ‡Yv`bv and 5,400.00 million against stipulated Tk. 4,121.70
c¨v‡K‡Ri AvIZvq †mvbvjx e¨vsK 1g ch©v‡q wbav©wiZ ev‡RU million and 5,000.00 million in the 1st phase (2020-21)
412.17 †KvwU UvKvi wecix‡Z 420.00 †KvwU UvKv, 2q and 2nd phase (2021-22) respectively. Loan disbursement
ch©v‡q wbav©wiZ ev‡RU 500.00 †KvwU UvKvi wecix‡Z of 3rd phase (2022-23) of Tk. 5200.00 million has been
successfully completed. To attract young and innovative
540.00 †KvwU UvKv FY cÖ`vb K‡i| 1 RyjvB 2022 n‡Z entrepreneurs in order to produce new products as
30 Ryb 2023 †gqv‡` 3q ch©v‡q 520.00 †KvwU UvKv well as its processing, services and increase innovative
FY weZiY Kiv nq| evsjv‡`k e¨vs‡Ki bxwZgvjv Abyhvqx institutions, Sonali Bank PLC has already enacted its
†`‡ki wkwÿZ Ziæb I D™¢vebx D‡`¨v³v‡ì gva¨‡g bZzb own start-up fund at an interest rate of 4% as per the
instructions and guidelines of Bangladesh Bank. The
cY¨, †mev I cY¨ cÖwµqvKiY cÖwZôvb m„wói j‡ÿ¨ ÔÔ÷vU© Bank has already reserved Tk. 104.40 million for start-up
Avc dvÛÓ bxwZgvjv cÖbqY K‡i wbU gybvdv n‡Z 10.44 fund from the net profit of the bank and Tk. 18.30 million
†KvwU UvKv msiÿY Kiv n‡q‡Q Ges 1.83 †KvwU UvKvi FY has already been disbursed in this scheme. Besides, our
weZiY Pjgvb i‡q‡Q| cvkvcvwk MÖvgxY Rbc‡` Drcv`bgyLx main thrust, therefore, is rural development through
employment generation and productive activities in
Kg©KvÛ Ges Kg©ms¯’vb m„wó Avgv‡ì cÖavb j¶¨| G j‡ÿ¨ rural Bangladesh. In Agricultural/Rural credit, sufficient
K…wl/cjøx FY Lv‡Z e¨vsK KZ©K
„ ch©vß FY weZiY Kiv n‡q‡Q amount has been disbursed and total outstanding stood
Ges G Lv‡Z eZ©gv‡b w¯’wZi cwigvY 6,751.49 †KvwU UvKv| at Tk. 67,514.89 million. Moreover, Sonali Bank has
GQvov e¨vsK thrust †m±i e‡j we‡ewPZ ¯§j GÛ wgwWqvg redesigned the operational strategy by prioritizing credit
allocation to micro, small and medium size productive
G›UvicÖvBR Ges me©vwaK g~j¨ ms‡hvRbKvix Drcv`bkxj enterprises (CMSME) which have been considered as the
wmGgGmGgB Lv‡Z FY e›Ub c×wZ cyYwe©b¨vm K‡i A_©vqb thrust and most valued sector in the economy. Till 2023,
Ki‡Q| D³ Lv‡Z e¨vs‡Ki FYw¯’wZi cwigvY 14,937.86 total outstanding in CMSME stood at Tk. 149,378.60
†KvwU UvKv| GB me AMÖvwaKvicÖvß LvZmg~n RvZxq Av‡q million. These priority sectors are playing special role in
contributing to our national income as well as upgrading
Ae`vb ivLvi cvkvcvwk `vwi`ªmxgvi bx‡Pi RbM‡Yi Rxebgvb the quality of life of our people living under poverty level.
Dbœq‡Y we‡kl f~wgKv ivL‡Q|

†mvbvjx e¨vsK me mgq e¨vswKs Kvh©µg cwiPvjbvq bZzb cÖhwy ³ Sonali Bank keeps itself abreast with the real time
MÖn‡Yi j‡¶¨ AvaywbK a¨vb aviYv I me©‡kl Z‡_ï mv‡_ Zvj information, updating ideas and approaches in the areas
of innovation and adopting new technology. In the face of
wgwj‡q Pj‡Z m‡Pó| µgea©gvb cÖwZ‡hvwMZvg~jK evRv‡i Z_¨ increasing competition, IT efficiency promotes operational
cÖhwy ³i eënvi I we¯Íw… Z Ges IT cø¨vUdg©‡K kw³kvjxKiY ease and sets a standard for quality, internal productivity
e¨vs‡Ki Kg©m¤úv`b cÖwµqv‡K mnRZi Ki‡e Ges mgv‡Ri and improved enhanced customer service. To provide
wewfbœ †kªwYi MÖvn‡Ki Pvwn`v I cÖZ¨vkv c~iY Ki‡e| DwjøwLZ uninterrupted, reliable, faster and better one stop service
at the doorsteps of customer at an affordable cost, all
welq¸‡jv we‡ePbv K‡i Ges wbiwew”Qbœ, wbf©i‡hvM¨, `ªæZ I of its 1230 domestic branches have been run by newly
¯^í e¨‡q RbM‡Yi †`vi‡Mvovq e¨vswKs Kvh©µg †cŠu‡Q †`qvi implemented Core Banking Solution (CBS) system.
j‡¶¨ e¨vs‡Ki ¯’vbxq 1230wU kvLvi meKwUB Core Banking
Solution (CBS) Øviv cwiPvwjZ n‡”Q|
G eQi †mvbvjx e¨vsK 3,846.19 †KvwU UvKv cwiPvjb During the year, Sonali Bank earned operating profit
gybvdv Ges MZ eQ‡ii 371.04 †KvwU UvKv AwZµg K‡i amounting to Tk. 38,461.88 million and also achieved
a higher net profit amounting to Tk. 6,514.80 million
651.48 †KvwU UvKv wbU gybvdv AR©b K‡i‡Q hv †`‡ki than Tk. 3,710.24 million of the previous year, both
e¨vswKs †m±‡ii g‡a¨ m‡e©v”P| 2023 mv‡j AvgvbZ are the highest in the banking sector of Bangladesh.
msMÖn, FY/AwMÖg, †kÖwYK…Z FY Av`vq, cwiPvjb e¨q Operational efficiency, optimum utilization of fund, and
wbqš¿Y BZ¨vw`‡Z cwiPvjb `¶Zv e„w×, Znwe‡ji m‡e©vËg high productivity regarding deposit collection, loans and
advances, recovery from classified loan, controlling of
eënvi I Drcv`bkxjZvi D”Pgvb GB gybvdv AR©b‡K m¤¢e operating expense contributed to this surge of profit
K‡i‡Q| ZvQvov ‡gvU Av‡qi g‡a¨ wewfbœ service oriented during 2023. Moreover, share on income from various
AvqI h‡_ó cwigv‡Y e„w× †c‡q‡Q hv Avgv‡ì eëmvwqK service oriented activities under total income is rising
cÖe„w×i Rb¨ Avkxe©v`¯îƒc| undoubtedly which is an omen to our business growth.
Avw_©K AšÍfz©w³ eZ©gvb miKv‡ii Ab¨Zg Dbœqbg~jK Financial inclusion is high on the development agenda
G‡RÛv; `vwi`ª¨ `~ixKi‡Y Ges †`‡ki mvaviY RbM‡Yi of the government. Sonali Bank has been working
relentlessly to expand financial activities in line with this
RxebhvÎvi gvb Dbœq‡b miKv‡ii M„nxZ c`‡¶cmg~n h_vh_ agenda to support the government’s initiatives designed
fv‡e ev¯Íevq‡b †mvbvjx e¨vsK eive‡ii g‡ZvB mn‡hvwMZv to alleviate poverty and improve the living standard of
K‡i hv‡”Q| MÖvg Dbœqb `vwi`ª¨ `~ixKi‡Y we‡kl f~wgKv the common people. Rural development plays a vital
cvjb Ki‡Z cv‡i| G ev¯ÍeZv‡K mvg‡b †i‡L †mvbvjx e¨vsK role in eradicating poverty. The Bank has already opened
10/50/100 Taka accounts for the poor people and
MÖv‡gi `wi`ª gvby‡li Rb¨ 10/50/100 UvKvi wnmve Pvjy total number of such accounts reached approximately
K‡i‡Q Ges Avw_©K AšÍfy©w³i AvIZvq K…lK wnmve, mvgvwRK 6.82 million namely farmer’s account, Social Safety
wbivcËv †eóbx, gyw³‡hv×v, ¶z`ª Rxeb exgv, †cvlvK wkí Net Program, Freedom fighters, Small Life Insurance
kªwgK Ges Ab¨vb¨ †kÖwY/‡ckv wfwËK wnmv‡e cÖvq 68.20 program, RMG Sector and other A/Cs under financial
inclusion program.
j¶ wnmve †Lvjv n‡q‡Q|
†h †Kv‡bv cÖwZôv‡bi eëmv cwiPvjbv Ges `xN© I ¯’vqx Good Corporate Governance system is vital for efficient
and effective business operation, long term stability
†UKmB cÖe„w×i Rb¨ Good Corporate Governance and sustainable growth for any organization. The
Acwinvh©| †mvbvjx e¨vs‡Ki we`¨gvb Corporate Governance system of Sonali Bank is characterized by
Governance system-G eë¯’vcbvi mKj ch©v‡q `vwqZ¡ I its design to ensure transparency and accountability at
KZ©‡eï ¯^”QZv I Revew`wnZv wbwðZ Kiv n‡q‡Q| G j‡ÿ¨ all level of management. Three committees- Executive
Committee, Audit Committee and Risk Management
cwiPvjbv cl©‡ì wZbwU KwgwU- wbe©vnx KwgwU, AwWU KwgwU Committee of the Board of Directors have been working
Ges SuywK eë¯’vcbv KwgwU Kvh©Ki I `ÿZvi mv‡_ `vwqZ¡ to assist the Board in discharging its responsibilities
cvj‡b cwiPvjbv cl©`‡K mn‡hvwMZv K‡i Avm‡Q| gš¿Yvjq efficiently and effectively. In accordance with “Annual
Gi mv‡_ ¯^vÿwiZ ÔAnnual Performance AgreementÕ Performance Agreement” signed with the Ministry,
the Bank has recently undertaken a similar agreement
Gi avivevwnKZvq m¤cÖwZ e¨vsK Zvi wbe©vnx‡ì Kvh©µ‡gi through which accountability of the executives may be
Revew`wnZv Avbq‡bi j‡¶¨ Abyiƒc Pzw³cÎ cÖYqb K‡i‡Q| measured. Performance of the executives is judged by
bZzb G Z_¨ cwigvc‡Ki gva¨‡g wbe©vnx‡ì Kvh©µg g~j¨vqb these newly designed information scale.
Kiv n‡”Q|

SONALI BANK PLC
m¤úªwZ †mvbvjx e¨vsK evsjv‡`‡ki e¨vswKs †m±‡i me©c_Ö g Recently Sonali Bank has introduced “Whistle Blower
Policy” for the first time in the banking history of
ÔûB‡mj †eøvqvi cwjwmÕ cÖeZ©b K‡i| e¨vs‡Ki mKj Kg©KvÛ Bangladesh. Certainly it is very important and bold
`ybx© wZgy³ ivLv Ges ï×vPvi cÖwZôvq G cwjwm AZ¨šÍ ¸iæZ¡cY~ ,© decision in implementing the National Integrity and
mg‡qvc‡hvMx Ges mvnmx GKwU c`‡ÿc| Avgiv Rvwb, †h the banking activities uncorrupted. We are aware
†Kv‡bv ai‡bi Awbqg cÖwZ‡iv‡a m‡e©v”P mZK©Zv, `vwqZ¡kxjZv that strong vigilance is a must to guard against
leakage and to achieve highest excellence through
I Revew`wnZvg~jK eë¯’vcbv Ges m‡e©v”P gvÎvi DrKl©Zv responsibility and accountability. In order to ensure
AR©‡bi j‡¶¨ Af¨šÍixY wbqš¿Y I cwicvjb eë¯’v kw³kvjx responsible and accountable management system
Kivi †Kv‡bv weKí †bB| `vwqZ¡kxjZv, h_vh_ Revew`wnZv and highest degree of excellence, steps have been
I m‡e©v”P mš‘wó wbwðZ Kivi j‡¶¨ Internal Control and taken to restructure and modernize the Internal
Control and Compliance Mechanism to safeguard
Compliance Mechanism-†K cybM©Vb I AvaywbKvq‡bi
the safety and soundness of the bank, its employees,
c`‡¶c †bqv n‡q‡Q hv e¨vsK, Zvi Kgx©, AvgvbZKvix I depositors and Shareholders.
†kqvi‡nvìvi‡ì ¯^”QZv I wbivcËv wbwðZ Ki‡e|
†UKmB Dbœq‡bi Rb¨ `¶ I †hvM¨ gvbem¤ú` AZ¨šÍ Qualified and competent human resource is decisive
for sustainable growth. Success of the Bank may be
¸iæZ¡c~Y©| KviY e¨vs‡Ki mdjZv Zvi Kg©xevwnbxi `¶Zv, achieved by improving skills, knowledge and productivity
Ávb I Drcv`bkxjZvi Dci wbf©i K‡i| gvbe m¤ú` of the employees. Keeping this in view, the Bank invests
Dbœq‡b Z_v Kgx©‡ì m¶gZv e„w×‡Z e¨vs‡Ki wewb‡qvM remarkably in human resources development for
D‡jøL‡hvM¨ cwigv‡Y e„w× Kiv n‡q‡Q| g‡bvej, m„RbkxjZv capacity building. The goal is to empower staff and create
a culture that encourages and rewards commitment,
I `jMZ cÖ‡Póvi gva¨‡g wbqZ cwieZ©bkxj MÖvn‡Ki cÖZ¨vkv creativity and team work in order to respond rapidly to
c~i‡Y e¨vsK Kg©KZ©v I Kg©Pvix‡ì m¶gZv evov‡bvB Gi the ever changing customer needs and market. SBPLC
cÖavb j¶¨| ZvQvov †mvbvjx e¨vsK Zvi Kgx© evwnbxi Rb¨ is offering its employees’ safe, healthy and congenial
wbivc` I my¯’ Kg©cwi‡ek wbwðZ K‡i‡Q| working environment. Moreover, it endeavors its best to
ensure that the employees engagement is maximized.
eëmvq `xN©‡gqv`x I ‡UKmB cÖe„w× AR©‡bi Rb¨ mgv‡Ri Sonali Bank always recognizes its wider obligation
to the society and therefore embraces the concept
cÖwZ e„nËi `vqe×Zv we‡ePbvq e¨vsK wbR¯^ CSR Kg©m~wP
of Corporate Social Responsibility (CSR) which is
MÖnY K‡i Avm‡Q| ‡h‡nZz †UKmB I AšÍfy©w³g~jK cÖe„w×i believed to be fundamental to attaining the long term
Rb¨ ivóª, evRvi I mgv‡Ri g‡a¨ fvimvg¨ ivLv cÖ‡qvRb sustainability and business growth. Since a perfect
†m‡nZz e¨vs‡Ki vision and mission Gi mv‡_ m½wZ †i‡L balance among the state, market and society is required
for suitable and inclusive growth, it operates banking
cÖwZôvbwU ‡`‡ki A_©bxwZ, cwi‡ek I mvgvwRK ev¯ÍeZvi activities in economically, environmentally and socially
wbwi‡L Zvi eëmv cwiPvjbv K‡i Avm‡Q| cÖwZôvi ci †_‡K sustainable manner in line with its vision and mission.
‰`bw›`b eëmv cwiPvjbvi gva¨‡g e¨vsK Zvi AskxR‡bi Since inception, to add value, the Bank has been caring
¯^v_©I msi¶Y K‡i Avm‡Q| for its stakeholders and the community at large through
our day to day business operation.
Rjevqy cwieZ©b †_‡K D™¢~Z ûgwKi d‡j AskxR‡bi ¯^v_© The Bank is responding strategically to create
sustainable value for the stakeholders since grave
myi¶vq e¨vsK m‡PZbfv‡e evsjv‡`k e¨vs‡Ki wb‡`©kbvi menace posed by climate change. Various steps
Av‡jv‡K MÖxb e¨vswKs Kvh©µg cwiPvjbv Ki‡Q| MÖxb e¨vswKs have been taken to ensure green banking. These
Kg©KvÛ myôyfv‡e cwiPvjbvi wbwgË †ek wKQy c`‡¶c MÖnY include green financing, creating awareness among
Kiv n‡q‡Q| hvi g‡a¨ i‡q‡Q meyR A_©vqb, Kgx©evwnbxi employees for efficient use of water, electricity and
paper, giving preference to preservation of eco-system
g‡a¨ cvwb, we`y¨r I KvMR eënv‡ii wel‡q m‡PZbZv ˆZwi while financing commercial projects and re-use of
Ges B‡Kv-wm‡÷g msi¶‡Y mn‡hvMx evwYwR¨K LvZmg~n‡K equipments. In order to harness the potentiality of
A_©vq‡bi †¶‡Î AMÖvwaKvi †`qv| MÖxb e¨vswKs Gi m¤¢ve¨Zv the green banking, a separate unit named “Sustainable
I Gi Dc‡hvwMZv cÖvwßi Rb¨ evsjv‡`k e¨vs‡Ki cwjwm Finance Unit” under the Risk Management Division
has been formed in line with the policy directives of
Abyhvqx e¨vs‡Ki wi¯‹ g¨v‡bR‡g›U wWwfk‡bi Aax‡b Bangladesh Bank.
ÔSustainable Finance UnitÕ MVb Kiv n‡q‡Q|
Avwg Avkv Kwi, fwel¨‡Z †`ke¨vcx we¯Í…Z †bUIqvK©, `ÿ Looking toward the future & playing on our own strength,
we have all the key success factors, necessary to scale
Kg©xevwnbx I Avgv‡ì eëmvwqK mybv‡gi gva¨‡g Avgiv up, aiming at attaining brand of quality among our wider
Avgv‡ì mdjZvi †¶Î¸‡jv Av‡iv cÖmvwiZ Ki‡Z mÿg

n‡ev| e¨vswKs †m±‡i Avgv‡ì eëmvwqK mybvg, †`ke¨vcx network to negotiate the course of change. We can do
kvLv Ges D™¢vebx ‡cÖvWv±mg~‡ni Dcw¯’wZi Kvi‡Y Avgv‡ì it well by our well recognized market presence with a
strong product portfolio, well established brand image
c‡¶ mdj nIqv Am¤¢e wKQy bq| and countrywide network.
e¨vsK cwiPvjbvi †¶‡Î Avgvi mnKgx© cwiPvjK‡ì mvwe©K Let me take the opportunity to thank my fellow Directors,
mn‡hvwMZv I mg_©b `v‡bi Rb¨ Avwg Zuv‡ì‡K AvšÍwiKfv‡e who have given me their generous co-operation and
support with great personal commitments. My words
abëv` RvbvB| GQvovI e¨vs‡Ki wPd Gw·wKDwUf Awdmvi of thanks go to the Chief Executive Officer, all of our
I wb‡ew`ZcÖvY Kg©xevwnbxi A½xKvi, AvbyMZ¨ I AvšÍwiK officials, staff members for their commitment, loyalty and
Ae¨vnZ mn‡hvwMZvi Rb¨ RvbvB Awfev`b| sincerity along with continued support and co-operation.
Avwg evsjv‡`k miKv‡ii we‡klZ A_© gš¿Yvj‡qi Avw_©K I would like to express my sincere gratitude to the
Government of Bangladesh specially the Financial
cÖwZôvb wefvM, evsjv‡`k e¨vsK, evsjv‡`k wmwKDwiwUR
Institutions Division of Ministry of Finance, Bangladesh
GÛ G·‡PÄ Kwgkb, Awdm Ae `¨v ‡iwR÷ªvi Ae R‡q›U Bank, Bangladesh Securities and Exchange Commission,
÷K †Kv¤úvbxR GÛ dvg©m Ges ÷K G·‡PÄ Gi cÖwZ Office of the Registrar of Joint Stock Companies and
Zv‡ì Ae¨vnZ mg_©b I civgk© `v‡bi Rb¨ AvšÍwiK Firms, the Stock Exchange for their continued support
and guidance. I would also like to express my thanks
K…ZÁZv Ávcb KiwQ| DrK‡l©i wkL‡i †cŠuQvi j‡¶¨
to all of our valued clients, patrons, well-wishers and
Avgv‡ì cÖ‡Póvi cÖwZ hviv mn‡hvwMZv Ae¨vnZ †i‡L‡Qb, shareholders on behalf of the Board. They are our
cwiPvjbv cl©‡ì c¶ †_‡K †m mKj MÖvnK I c„ô‡cvlK source of inspiration and strength.
Ges ïfvbya¨vqx‡ì cÖwZ Avwg AvšÍwiK K…ZÁZv Rvbvw”Q|
ZvivB Avgv‡ì Aby‡cÖiYv I kw³i Drm|
gnvb Avjøvn& Avgv‡ì mnvq †nvb Ges Zuvi ingZ Avgv‡ì May almighty Allah help us all and shower eternal
blessings upon all of us.
mK‡ji Dci ewl©Z †nvK|
(wRqvDj nvmvb wmwÏKx) (Ziaul Hasan Siddiqui)

†Pqvig¨vb Chairman
cwiPvjbv cl©` Board of Directors
†mvbvjx e¨vsK wcGjwm Sonali Bank PLC

SONALI BANK PLC
FROM THE DESK OF

CHIEF EXECUTIVE OFFICER
Under the prudent

leadership of the
Honorable Prime
Minister Sheikh
Hasina, Bangladesh
successfully
managed COVID-19
pandemic and
returned to high
growth trajectory.
Md. Afzal Karim


wemwgjøvwni ivn&gvwbi ivwng Bismillahir Rahmanir Rahim
m¤§vwbZ †kqvi‡nvìvie„›` Distinguished Shareholders

Avm&mvjvgy AvjvBKzg| Assalamu Alaikum.
Avwg AZ¨šÍ Avbw›`Z, †MŠievwš^Z I m¤§vwbZ †eva KiwQ It’s a great pleasure, privilege and honor for me to
†h, †`‡ki me©e„nr ivóªvqZ¡ evwYwR¨K e¨vsK †mvbvjx e¨vsK have the opportunity to present my observation on
wcGjwm Gi 2023 mv‡ji eëmvwqK AR©‡bi Dci Avgvi the performance of Sonali Bank PLC, the largest state-
ch©‡e¶Y Avcbv‡ì wbKU Zz‡j aivi my‡hvM †c‡qwQ| GRb¨ owned commercial bank of Bangladesh, for the year
2023. I would like to express my heartfelt thanks and
Avwg m¤§vwbZ MÖvnK, mn‡hvMx I ïfvbya¨vqxMY‡K Zuv‡ì
gratitude to the valued customers, partners and well-
Ae¨vnZ mg_©b I mn‡hvwMZv cÖ`v‡bi gva¨‡g Avgv‡ì wishers for their continuous support, co-operation and
cv‡k _vKvi Rb¨ AvšÍwiK abëv` RvbvB| strong association with us.
2023 mv‡j e¨vs‡Ki AR©b Zz‡j aivi Av‡M Avwg eZ©gvb Before reflecting on the Bank’s Business performance
‰ewk^K I evsjv‡`‡ki A_©bxwZi wewfbœ w`K Av‡jvKcvZ for the year 2023, it would be relevant to present an
Ki‡Z PvB| overview of global as well as Bangladesh economy.
2022 mv‡j BD‡µb-ivwkqv hy‡×i cÖfv‡e wek¦ A_©bxwZ‡Z World economy remains remarkably resilient in 2023
AwbðqZv †`Lv w`‡jI 2023 mv‡j wek^ A_©bxwZ †gvUvgywU though it faced a major shock due to the Ukraine-
w¯’wZkxj Ae¯’vq wQ‡jv| hy‡×i cÖfv‡e wekê¨vcx mieivn Russia war in 2022. As a result of this war, the world has
†PB‡b wech©q NUvq R¡vjvbx †Zj I `ªe¨g~j¨ e¨vcK fv‡e experienced severe supply chain disruption and price of
oil and global commodities has started to rise fiercely. In
e„w× cvq| d‡j g~j¨ùxwZ e„w× cvq hwÌ wewfbœ †`‡ki
this situation, monetary policy tightening by Central banks’
†K›`ªxq e¨vs‡Ki K‡Vvi Avw_©K bxwZi d‡j g~`ªvùxwZi of different countries has become effective in dragging
jvMvg wKQzUv †U‡b aiv m¤¢e nq| AvšÍR©vwZK g~`ªv Znwej, down the inflation. According to the International
Iqvì© B‡Kv‡bvwgK AvDUjyK GwcÖj 2024 Gi c~e©vfvm Monetary Fund (IMF) World Economic Outlook (WEO)
Abyhvqx 2023 mv‡j wek¦ A_©bxwZ‡Z 3.20 kZvsk cÖe„w× April 2024, global growth, estimated at 3.20 percent in
AwR©Z nq, hv 2024 I 2025 mv‡jI GKB iKg _vK‡Z 2023, is projected to continue at the same pace in 2024
cv‡i| DbœZ †`k¸‡jv‡Z 2023 mv‡j 1.60 kZvsk cÖe„w× and 2025. For advanced economies, growth is projected
AwR©Z n‡jI cieZ©x `yB eQi †mwU wKQzUv e„w× †c‡Z cv‡i| to rise from 1.60 percent in 2023 to 1.70 percent in 2024
D`xqgvb I Dbœqbkxj A_©bxwZi †`k¸‡jvi cÖe„w× 4.5% and 1.80 percent in 2025. The growth in emerging market
cÖ‡ÿcb Kiv n‡q‡Q| Aciw`‡K AvšÍR©vwZK evRv‡i †Z‡ji and developing economies was 4.50 percent in 2023.
Growth in the Middle East and Central Asia is projected
g~j¨ e„w×i Kvi‡Y ga¨cÖvP¨ Ges ga¨ Gwkqvi †`kMy‡jvi
to rise from an estimated 2.00 percent in 2023 to 2.80
cÖe„w× 2023 mv‡ji 2.0% n‡Z 2024 mv‡j 2.8% G percent in 2024 owing to high oil prices.
DbœxZ n‡Z cv‡i|
evsjv‡`‡ki A_©bxwZ MZ GK `k‡KiI †ekx mgq a‡i The Bangladesh economy enable to maintain stable
w¯’wZkxj cÖe„w×i nvi a‡i ivL‡jI 2020 mv‡j êwk¦K economic growth over the last decade though the growth
gnvgvwii Kvi‡Y wKQzUv n«vm cvq| G mg‡q 2020-21 was a bit down due to the COVID-19 in 2020. The growth
was 6.94% in 2020-21. Under the prudent leadership and
A_©eQ‡i wRwWwc cÖe„w× ùvovq 6.94 kZvsk| G‡ÿ‡Î
guidance of the Honorable Prime Minister Sheikh Hasina,
gvbbxq cÖavbgš¿x †kL nvwmbvi wePÿY †bZ…Z¡ I wb‡`©kbvq Bangladesh successfully managed COVID-19 pandemic
†KvwfW 19 Gi cÖfve mdjfv‡e †gvKv‡ejv K‡i evsjv‡`‡ki and returned to high growth trajectory. According to the
A_©bxwZ D”P cÖe„w×i avivq wd‡i Av‡m| evsjv‡`k data of BBS, the GDP growth has upright 6.03 percent
cwimsL¨vb ey¨‡iv (weweGm) Gi Z_¨ Abyhvqx, 2022- in FY 2022-23. In the meantime, Bangladesh has been
23 A_©eQ‡i evsjv‡`‡ki cÖe„w× 6.03% AwR©Z n‡q‡Q| successfully transitioned to the status of a lower middle-
B‡Zvg‡a¨ evsjv‡`k wb¤œ Av‡qi †`k n‡Z wb¤œ ga¨g Av‡qi income country (LMIC) from low-income country (LIC).
†`‡k DbœxZ n‡q‡Q| Z‡e Wjv‡ii g~jë„w×i Kvi‡Y 2022- But due to price appreciation of USD, Per capita GDP
23 A_©eQ‡i gv_vwcQz wRwWwc c~e©eZ©x A_©eQ‡ii 2,687 stands at USD 2,657 in FY 2022-23 decreasing from USD
gvtWjvi n‡Z wKQzUv n«vm †c‡q 2,657 gvtWjv‡i Ges 2,687 of fiscal year 2021-22, while the per capita national
income reached at USD 2,765 which was USD 2,793 in
gv_vwcQz RvZxq Avq 2021-22 Gi 2,793 gvtWjvi n‡Z
the previous fiscal year.
2022-23 G 2,765 gvtWjv‡i †b‡g G‡m‡Q|
G mg‡q ivwkqv-BD‡µb hy‡×i Kvi‡Y g~`ªvevRv‡i m„ó Due to instability in the money market and disruption of
Aw¯’wZkxjZv I mieivn †PB‡b wech©q NUvq wek¦evRv‡i supply chain resulting from the Russia-Ukraine war, there

SONALI BANK PLC
`ªe¨g~‡jï DaŸ©MwZ cwijwÿZ nq| g~j¨ùxwZi Pvc cÖkg‡bi is a sharp jump in commodity prices. The government
j‡ÿ¨ miKvi¯^íg~‡j¨ Lv`¨cY¨ mieivnmn wewfbœ D‡`¨vM has taken various necessary steps and also supplied foods
at a cheaper rate to alleviate the pressure of inflation. As
MÖnY K‡i‡Q| miKvi KZ©„K Avw_©K cÖ‡Yv`bv cÖ`vb Kivi
a result of financial incentives alongside policy support
cvkvcvwk bxwZ mnvqZvmn wewfbœ Kvh©µg M„nxZ nIqvq provided by the government, the economy has turned
A_©bxwZ Ny‡i ùvwo‡q‡Q| around sharply.
MYcÖRvZš¿x evsjv‡`k miKv‡ii gvbbxq cÖavbgš¿x †kL Hon’ble Prime Minister Sheikh Hasina has recently
nvwmbv KZ©„K †NvwlZ 2041 mv‡ji g‡a¨ Smart announced four pillars of smart Bangladesh namely a)
Bangladesh wewbgv©‡Y ¯Í¤¢ n‡e PviwU- 1.¯§vU© wmwU‡Rb, Smart Citizen b) Smart Government c) Smart Economy
and d) Smart Society to make a technology based and
2.¯§vU© Mfb©‡g›U, 3.¯§vU© B‡Kvbwg Ges 4.¯§vU© †mvmvBwU|
cashless “Smart Bangladesh” within 2041. Accordingly,
Smart Bangladesh Gi fwel¨Z A_©bxwZ n‡e Sonali Bank has implemented numbers of technology
cÖhyw³wbf©i I K¨vk‡jm| K¨vk‡jm †mvmvBwU MVbmn based digital services to make a cashless society
2041 mv‡j Smart Bangladesh wewbgv©‡Y †mvbvjx associated with “Smart Bangladesh”.
e¨vsK †ekwKQz †mev Pvjy K‡i‡Q| Zb¥‡a¨ D‡jøL‡hvM¨-
K) †mvbvjx B-†mev a) Sonali eSheba
L) †mvbvjx B-Iqv‡jU b) Sonali e-Wallet
c) QR Code Based Cash Out
M) wKD Avi †KvW †eBRW K¨vk AvDU myweav
d) Call Center Implementation
N) Kj †m›Uvi Pvjy e) Universal Pension Scheme
O) mve©Rbxb †cbkb ¯‹xg ev¯Íevqb f) Bangla QR Code Based Merchant Payment
P) evsjv wKD Avi †KvW †eBRW gv‡P©›U †c‡g›U myweav g) Corporate Internet Banking
Q) K‡cv©‡iU B›Uvi‡bU e¨vswKs h) Central Trade Processing Software
R) †m›Uªvj †UªW cÖ‡mwms mdUIq¨vi i) Taka Pay Debit Card
S) UvKv †c †WweU KvW© j) Sonali Exchange Mobile App. etc.
T) †mvbvjx G·‡PÄ †gvevBj G¨vc BZ¨vw`|
evsjv‡`‡ki me©e„nr evwYwR¨K e¨vsK wn‡m‡e †mvbvjx e¨vsK As the largest Commercial Bank in Bangladesh, Sonali
†`‡k Ges we‡`‡k eëmvwqK Kg©KvÛ cwiPvjbvi gva¨‡g Bank conducts its business by providing banking services
†`‡ki me©¯Í‡ii RbMY‡K mKj ai‡Yi e¨vswKs †mev cÖ`vb to the customers and society at Large and thus maximizes
values for its stakeholders in a fair, transparent and
K‡i P‡j‡Q Ges ¯^”QZv I ˆbwZKZvi mv‡_ b¨vqm½Zfv‡e
ethical way. Profit maximization is not the sole objective
†÷K‡nvìvi‡ì Rb¨ m‡e©v”P Dc‡hvwMZv wbwðZ K‡i of the Bank. Along with profit earning we are committed
Avm‡Q| †Kej gybvdv AR©bB †mvbvjx e¨vs‡Ki GKgvÎ to make positive contribution to the economy and the
j¶¨ bq; gybvdv AR©‡bi cvkvcvwk †UKmB Dbœq‡bi gva¨‡g society as a whole in a sustainable manner. That is why,
†`‡ki Av_©-mvgvwRK Dbœqb wbwðZ K‡i mgv‡R BwZevPK besides earning profit, Sonali Bank is proud to bear the
Ae`vb ivLvI †mvbvjx e¨vs‡Ki Ab¨Zg j¶¨| G Kvi‡YB responsibility of implementing various welfare programs
†mvbvjx e¨vsK memgqB gybvdv Avni‡Yi cvkvcvwk mvwe©K and initiatives of the government, thereby becoming the
†mevi gvb e„w×mn miKvi KZ©„K Awc©Z Ges miKv‡ii inseparable partner of the noble work of the government
AvbyK‚‡j¨ m~wPZ wewea Av_©-mvgvwRK Kg©Kv‡Û f‚wgKv ivL‡Z intended to uplift the socio-economic condition of the
A½xKvive×| G mKj Kg©KvÛ †_‡K AwR©Z `„k¨gvb Avq poor. The visible return from these services may not be
encouraging from business standpoint, but the return is
evwYwR¨K `„wóf½x‡Z Drmvne¨ÄK bv n‡jI mvgvwRK jvf-
high from the social-cost benefit perspective.
¶wZi we‡ePbvq D”PZi Avq m„wóKvix e‡j we‡ewPZ nq|
MÖvnK‡ì `ªæZ I gvbm¤§Z †mev cÖ`v‡bi j‡¶¨ †mvbvjx In order to provide better and faster services to the
e¨vsK Gi mKj Kg©xi Rb¨ wbivc`, my¯’¨ I AvšÍwiK customers, SBPLC is offering safe, healthy and congenial
Kg©cwi‡e‡ki eë¯’v Kiv n‡q‡Q| mKj kvLv I wbqš¿YKvix working environment to each employee. In all branch
and offices, a separate and clean sanitation system for
Kvh©vj‡q bvix Kg©KZ©v-Kg©Pvix I MÖvnK‡ì Rb¨ Avjv`v I
its female employees and clients along with supply of
cwi”Qbœ †mwb‡Ukb Ges mKj Kvh©vjq I kvLvi Kg©KZ©v- pure hygienic drinking water during office hours for all
Kg©Pvix‡ì Rb¨ Rxevbygy³ I ¯^v¯’¨m¤§Z Lvevi cvwb the employees has been established.
mieiv‡ni eë¯’v wbwðZ Kiv n‡q‡Q|
†mvbvjx e¨vsK wcGjwm GeQi D‡jøL‡hvM¨ eëmvwqK mvdj¨ Sonali Bank PLC made substantial progress during this
AR©b Ki‡Z m¶g n‡q‡Q| 2023 mv‡j e¨vs‡Ki cwiPvjb year. In 2023, the operating and net profit of the Bank
gybvdv Ges wbU gybvdvi cwigvY h_vµ‡g 3,846.19 †KvwU stood at Tk. 38,461.88 million and Tk. 6,514.80million

UvKv I 651.48 †KvwU UvKv| K÷ Ae dvÛ 5.52% Gi respectively. The cost of Fund stood at a reasonable rate
gZ m‡šÍvlRbK ch©v‡q ivLv, cwiPvjb `¶Zv e„w×, mylg of 5.52% in 2023. This profit has been achieved due to
enhanced operational efficiency, balanced deposit mix,
AvgvbZ wgkªY, e¨q ms‡KvPb Ges bb-dv‡ÛW Avq e„w×i
expenditure control and increase in non-funded income.
d‡j GB gybvdv AR©b m¤¢e n‡q‡Q| ZvQvov †gvU Av‡qi Besides, a substantial amount of income has been
g‡a¨ wewfbœ †mev mswkøó AvqI G AR©‡b ¸iæZ¡c~Y© f~wgKv generated from various banking services introduced.
cvjb K‡i‡Q|
†KvwfW-19 AwZgvwi Ges ivwkqv-BD‡µb hy× cieZ©x Amid recovery of the economy after breakout of COVID-19
2023 mv‡j A_©bxwZi cybiæ×v‡ii g‡a¨ AvgvbZ e„w×i nvi and Russia-Ukraine war in 2022, the Bank’s deposit grew up
kZKiv 6.04 fvM| G mg‡q e¨vs‡Ki Avgvb‡Zi cwigvY by more than 6.04% amidst fierce competition in banking
sector during 2023. During this time, deposit of Sonali
1.51 wUªwjqb UvKv| c~e©eZ©x eQ‡ii b¨vq e¨vsK Avgvb‡Zi
Bank increased at BDT 1.51 trillion. The Bank has held the
DË‡ivËi cÖe„w×i G Ae¯’v a‡i ivL‡Z mÿg n‡q‡Q| position of gradual increase of deposits successfully. The
Avgv‡ì Dci m¤§vwbZ MÖvnK‡ì AwePj Av¯’vi d‡jB success of deposit mobilization has been effectuated
AvgvbZ msMÖ‡ni G mvdj¨ AR©b m¤¢e n‡q‡Q| caused by our customers’ unflinching trust in us.
FY I AwMÖ‡gi cwigvY 2022 mv‡ji 84,643.02 †KvwU In loans and advances, the bank registered 19.09%
UvKv n‡Z 19.09% e„w× †c‡q 2023 mv‡j 100,805.27 positive growth in 2023, raising the total outstanding to
†KvwU UvKvq DbœxZ n‡q‡Q| d‡j 2022 Gi Zzjbvq 2023 Tk. 1,008,052.68 million from Tk. 846,430.23 million of
mv‡j e¨vs‡Ki GwW †iwkI D‡jøL‡hvM¨ cwigv‡Y e„w× †c‡q the last year. As a result, the AD ratio stood at 66.93% in
2023 which was 59.59% in 2022. The bank continued to
59.59% n‡Z 66.93% G DbœxZ n‡q‡Q| G‡¶‡Î e¨vsK
grow and diversify its portfolios as planned to avoid loan
†Kvb wbw`©ó Lv‡Z FY cÖ`vb bv K‡i eûgyLx Lv‡Z A_©vqb‡K concentrations, and other principles of sound lending
¸iæZ¡ w`‡q‡Q| G j‡¶¨ Avw_©K I mvgvwRKfv‡e jvfRbK were followed to keep the credit risk at a minimum level.
wewb‡qvM †¶Î¸‡jv‡K cÖvavb¨ †`qv n‡”Q| we‡klZt The plans for financing in thrust sectors like CMSME and
A_©bxwZ‡Z thrust sector e‡j ¯^xK„Z Drcv`bkxj Micro credit that are considered to be the growth engine
LvZ, gvB‡µv †µwWU I wmGgGmGgB Lv‡Z A_©vq‡b e¨vsK of the economy were executed.
cÖvavb¨ w`‡”Q|
2023 mv‡j ‡kÖwYK…Z FY †_‡K Avgiv me©‡gvU 1,164.44 In 2023, we recovered Tk. 11,644.40 million from classified
†KvwU UvKv Av`vq Ki‡Z mÿg n‡qwQ| d‡j †kªwYK…Z loan. Consequently the rate of classified loan dropped
down to 13.23% in 2023 which was 14.83% in 2022. We
F‡Yi nvi 2022 mv‡ji 14.83% †_‡K n«vm †c‡q
have planned to bring down the rate of Non Performing
2023 mv‡j 13.23% n‡q‡Q| GB nvi Avgiv wm‡½j Loans (NPL) to single digit. This has posed a significant
wWwR‡U bvwg‡q Avbvi cwiKíbv K‡iwQ| wbtm‡›`‡n GUv challenge to us indeed and to overcome the hurdles
Avgv‡ì Rb¨ bZzb P¨v‡jÄ| G P¨v‡jÄ ‡gvKv‡ejv Kivi appropriate strategies have already been worked out and
j‡¶¨ h‡_vchy³ †KŠkj B‡Zvg‡a¨ MÖnY Kiv n‡q‡Q Ges necessary instructions and guidance have been provided
Avgv‡ì `¶ Kg©xevwnbx‡K cÖ‡qvRbxq w`K-wb‡`©kbv to all levels of the officials. All our branches have been
†`qv n‡q‡Q| cvidiwg©s m¤ú` e„w×i j‡¶¨ e¨vs‡Ki instructed to extend strong monitoring towards creating
mKj kvLv‡K †Rvi ZrciZv Pvjv‡bvi wb‡`©kbv †`qv and enhancing performing assets. A robust monitoring
n‡q‡Q Ges AMÖMwZ gwbUwis Gi Rb¨ B‡Zvg‡a¨ my`„p mechanism has also been put in place to monitor the
gwbUwis eë¯’v cÖeZ©b Kiv n‡q‡Q| progress.
GKbR‡i 2023 mv‡j †mvbvjx e¨vs‡Ki AR©b wb¤œiƒct At a glance, Sonali Bank’s achievements in 2023 are as follows:
cwigvY (†KvwU) Amount in Million
weeiY n«vm/e„w× Particulars Change
2022 2023
2022 2023
†gvU FY I AwMÖg (†KvwU) 84643.02 100805.27 19.09% Total Loans & Advances 846430.23 1008052.68 19.09%
†gvU AvgvbZ (†KvwU) 142036.29 150618.39 6.04% Total Deposits 1420362.93 1506183.93 6.04%
FY AvgvbZ AbycvZ 59.59% 66.93% 7.34% Advance Deposit Ratio 59.59% 66.93% 7.34%
†kÖYxK…Z F‡Yi nvi 14.83% 13.23% (1.60%) % of Classified Loans 14.83% 13.11% (1.60%)
†bU B›Uv‡i÷ gvwR©b 208.94 475.87 127.75% Net Interest Margin 2089.43 4758.67 127.75%
†gvU Avq 9130.17 11972.16 31.13% Total Income 91301.70 119721.55 31.13%
†gvU Acv‡iwUs gybvdv (†KvwU) 2382.30 3846.19 61.45% Total Operating Profit 23823.07 38461.88 61.45%
wbU gybvdv (†KvwU) 371.04 651.48 75.58% Net Profit 3710.42 6514.80 75.58%

SONALI BANK PLC
Kg©x wb‡qv‡Mi †ÿ‡Î e¨vsK ¯^”Q wb‡qvM cÖwµqv AbymiY Sonali Bank follows transparent recruitment process
Ges †gav wfwËK I wj½ mgZvi Dci AwaKZi ¸iæZ¡ w`‡q and stresses more on merit as well as gender equality.
Highly qualified, intelligent, competent and trained
_v‡K| †UKmB Dbœq‡bi Rb¨ `¶ I cÖwkwÿZ gvbem¤ú`
human resources are necessary for continued growth
AZ¨šÍ ¸iæZ¡c~Y©| KviY e¨vs‡Ki mdjZv cÖwkwÿZ and success of bank. Success of the bank could be
Kg©xevwnbxi `¶Zv, ‡ckvMZ Ávb I Drcv`bkxjZvi Dci achieved by improving skills, knowledge and productivity
A‡bKvs‡k wbf©i K‡i| G we‡ePbvq eûgyLx cÖwk¶Y Kg©m~wP of the employees. Keeping this in view, we emphasize
I Kg©kvjvi Av‡qvRb Kiv n‡q _v‡K hv‡Z Zviv RvZxq I on the human resource development through diversified
AvšÍR©vwZK e¨vswKs Gi †¶‡Î me©‡kl D™¢veb I weKv‡ki training, seminars and symposiums to create a talent pool
mv‡_ cwiwPZ nevi cvkvcvwk Ávb I `¶Zvq mg„× n‡q especially in the managerial cadre. The Bank is trying to
DV‡Z cv‡i| e¨vs‡Ki Kg©xevwnbx hv‡Z ch©vß AwfÁZvi ensure the dividend that employees involve themselves
gva¨‡g †kqvi‡nvìvi‡ì Dc‡hvwMZv I MÖvnK‡ì mš‘wó in the running of business with adequate professional
AR©‡b f~wgKv ivL‡Z cv‡i ‡m Rb¨ e¨vsK AweiZ †Póv experience which in turn benefit to the shareholders and
help to create customer satisfaction.
Pvwj‡q hv‡”Q|
Rjevqy cwieZ©b †_‡K DrmvwiZ weiƒc cÖwZwµqvi e¨vcv‡i SBPLC is aware of the adverse effect of climate change
†mvbvjx e¨vsK me©`v mRvM Ges G †cÖw¶‡Z MÖxY e¨vswKs and various steps have been taken to ensure green
Kvh©vejx m¤ú‡K© eûgyLx Kiv n‡q‡Q, hv Af¨šÍixY Kg©cwi‡ek banking. Our green banking activities cover multiple areas
which include both in-house environment management
eë¯’vcbv †_‡K ïiæ K‡i MÖxY A_©vqb ch©šÍ we¯ÍZ
… | cwi‡ek
and green financing. There is a green banking unit to
evÜe e¨vswKs eë¯’vi weKvk, g~j¨vqb I eë¯’vcbvi Rb¨ develop, evaluate and administer eco-friendly banking
e¨vs‡Ki GKRb EaŸ©Zb wbe©vnx‡K `vwqZ¡ cÖ`vb Kiv n‡q‡Q| systems. Green banking activities are being notified to
MÖxY e¨vswKs Kvh©vejx cl©‡ì wi¯‹ g¨v‡bR‡g›U KwgwU‡K the Risk Management Committee of the Board on a
wbqwgZ AewnZ Kiv n‡”Q| e¨vsK cÖZ¨¶ I c‡iv¶fv‡e regular basis. The Bank is financing directly and indirectly
cwi‡ekevÜe cÖK‡í A_©vqb K‡i Avm‡Q| eco-friendly projects.
Zxeª cÖwZ‡hvwMZv I cwiewZ©Z cwiw¯’wZi mv‡_ Zvj wgwj‡q Sonali Bank has made substantial investment for the
development of the ICT infrastructure, vast automation
Pjvi wbwgË †mvbvjx e¨vsK A‡Uv‡gkb Kg©m~wP Ae¨vnZ
of unheard of magnitude, cyber security, manpower
†i‡L‡Q Ges GRb¨ cÖ‡qvRbxq wewb‡qvM m¤úbœ K‡i‡Q| development and research to keep itself abreast with
Kv‡Ri ¸YMZ gv‡bi Dbœqb, Af¨šÍixY Drcv`bkxjZv e„w×, fierce competition and the changing needs of the time.
MÖvnK †mevi gv‡bvbœqb Ges Kv‡Ri ¯^”QZv wbwðZ Kivi The bank has been continuously striving towards bringing
j‡¶¨ e¨vsK me©vaywbK cÖhyw³ cÖ‡qv‡Mi wbišÍi cÖ‡Póv Pvwj‡q technology driven banking services, accessibility and
hv‡”Q| wbiew”Qbœ, wbf©i‡hvM¨, `ªæZ I ¯^íe¨‡q one stop satisfaction to its customers. It helps standardize the quality
customer service RbM‡Yi †`vi‡Mvovq †cŠu‡Q of work, internal productivity and improved customer
†`qvi j‡¶¨ B‡Zvg‡a¨ e¨vs‡Ki mKj kvLv‡K AvšÍR©vwZK service. The Bank has already implemented international
gvbm¤úbœ Core Banking Solution (CBS) standard robust Core Banking Solution (CBS) system in all
†bUIqv‡K©i AvIZvq wb‡q Avmv n‡q‡Q| cvkvcvwk e¨vs‡K branches in order to provide uninterrupted, reliable, faster
and instant one stop customer service at an affordable
GBPAviGgGm mdUIq¨vi, AviGgGm+, GbwcGmwe,
cost. The Bank also introduced HRMS software, RMS Plus,
AviwUwRGm, e¨vP, weBGdwUGb, Ab-jvBb miKvwi †jb‡`b NPSB, RTGS, BACH, BEFTN, Online Govt. Transaction etc.
BZ¨vw` mvwf©m Pvjy Kiv n‡q‡Q|
`vwqZ¡kxj K‡c©v‡iU cÖwZôvb wn‡m‡e †`‡ki A_©bxwZ, Sonali Bank as a responsible corporate institution is fully
mgvR, †kqvi‡nvìvi, Kg©xevwnbx I cwi‡e‡ki Dci aware of its responsibility about how its operational
e¨vs‡Ki mvgwMÖK Kg©Kv‡Ûi AwfNv‡Zi wel‡q e¨vsK activities affect its shareholders, the economy,
its employees, the society and the environment.
c~Y©gvÎvq m‡PZb i‡q‡Q| ˆbwZKZvi mv‡_ eëmvwqK
Conducting business in an ethical way, creating
Kvh©µg cwiPvjbv, eëmv I A_©‰bwZK cÖe„w×i my‡hvM opportunities for business and economic growth,
m„wó, RbM‡Yi cÖZ¨vkv c~iY, cwi‡ek I cÖwZ‡ek myiÿvi empowering people to fulfill their aspirations, ensuring
cÖwZ j¶¨ †i‡L A_©vqb Ges mgv‡Ri Amnvq I `yt¯’ protection of environment while financing business and
gvby‡li cÖwZ mnvqZvi nvZ cÖmvwiZKiYB †mvbvjx e¨vs‡Ki supporting the distressed people of the society are at
mvgvwRK `vqe×Zvi g~j j¶¨| Avgiv wek¦vm Kwi, the heart of the corporate social responsibility of Sonali
`vwqZ¡kxj AvPiY †`‡ki A_©‰bwZK I mvgvwRK Dbœq‡bi Bank. We believe that responsible conducts are directly
mv‡_ IZ‡cÖvZfv‡e RwoZ Ges GRb¨ m~PbvjMœ †_‡K e¨vsK correlated with economic and social development of
wewea mvgvwRK I Rbwn‰Zlxg~jK Kg©m~wP ev¯Íevq‡b c_ the country. Sonali Bank has been playing a pioneering
cÖ`k©bKvixi fzwgKv cvjb K‡i Avm‡Q| G jÿ¨ ev¯Íevq‡b role in implementing various social and philanthropic

e¨vs‡K GKwU kw³kvjx wmGmAvi dvÛ MVb Kiv n‡q‡Q| programs. A well designed CSR fund has been developed
e¨vsK wk¶v, µxov, ¯^v¯’¨, gvbe m¤ú` Dbœqb, cÖK…wZ to fulfill these agenda. Education, sports, healthcare,
human resources development, conservation of nature,
msi¶Y, mvgvwRK m‡PZbZv e„w×, `yt¯’ gvby‡li cybe©vmb,
creation of social awareness, rehabilitation of distressed
kxZvZ©‡ì gv‡S DòZv m„wói cÖqv‡m K¤^j weZiY Ges humanities, distributing blankets amongst the cold
gvbweK wech©‡q wewfbœ Kg©m~wP nv‡Z †bqvi gva¨‡g mvgvwRK affected people are some of the important areas where
I Rbwn‰Zlxg~jK Kg©m~wP cwiPvjbv K‡i Avm‡Q| the bank carries out its social and humanitarian activities.
2023 mv‡j Avgvi mnKg©xe„›` Kg©`¶Zv I ‡ckv`vwi‡Z¡i The year 2023 was a demanding year in many business
cÖwZdjb NwU‡q wewfbœ eëmvwqK m~P‡K DrK‡l©i aspects and a testament to the talent and professionalism of
all my colleagues who successfully met its challenges along
bwRi ¯’vcb K‡i‡Qb| Avwg Avgvi mnKg©x‡ì K‡Vvi
the way. I would like to take this opportunity to thank my
cwikªg, wbijm cÖ‡Póv I `vwqZ¡kxjZvi Rb¨ abëv` colleagues for their efforts. I render my humble thanks and
RvbvB| e¨vsK-‡K Afxó j‡¶¨ †cuŠ‡Q †`qvi AwfhvÎvq gratitude to the Board of Directors of the Bank by whose
w`K wb‡`©kbvi f~wgKv cvj‡bi Rb¨ e¨vs‡Ki cwiPvjbv able direction and prudent guidance, our efforts met with
cl©`‡K RvbvB K…ZÁZv I AvšÍwiK abëv`| m‡e©vcwi, success. In addition, I am grateful for their earnest co-
A_© gš¿Yvj‡qi A_© wefvM I Avw_©K cÖwZôvb wefvM, operation. I also express my sincere thanks and deep gratitude
evsjv‡`k e¨vsK, evsjv‡`k wmwKDwiwUR GÛ G·‡PÄ to Finance Division and Financial Institution Division of the
Kwgkb Ges Ab¨vb¨ wbqš¿K ms¯’v‡K Avgv‡ì eëmv Ministry of Finance, Government of the Peoples Republic
cwiPvjbvq mn‡hvwMZv, civgk© I mg_©b cÖ`v‡bi Rb¨ of Bangladesh, Bangladesh Bank, Bangladesh Securities &
abëv` I K…ZÁZv RvbvB| Avwg Avkv Kwi, G mKj Exchange Commission and other regulatory bodies for their
continued support and guidance. I also expect that their all
†÷K‡nvìv‡ii mg_©b I mn‡hvwMZv eZ©gv‡bi b¨vq
out support will continue in the years to come.
AvMvgx w`b¸‡jv‡ZI Ae¨vnZ _vK‡e|
Avgvi `„p wek¦vm, Avgv‡ì AmvaviY `jMZ cÖ‡Póv, I do believe, the momentum that Sonali Bank have
AMÖvwaKvi wfwËK Kvh©µg cwiPvjbv Ges AZxZ mdjZvi achieved in 2023 and also the previous proven track
†iK‡W©i gva¨‡g 2023 mv‡j AwR©Z AMÖMwZi avivevwnKZvq record of good performance through an excellent team
work and a shared set of priorities, the Bank will lead to
†mvbvjx e¨vsK cieZ©x eQi¸‡jv‡Z GKwU cÖhyw³ wfwËK
make a technology based cashless smart society in the
K¨vk‡jm ¯§vU© †mvmvBwU MV‡b †bZ„Z¡ ‡`‡e| upcoming years.
gnvb Avjøvn& Avgv‡ì mnvq †nvb| May Almighty Allah help us.
(†gvt AvdRvj Kwig) (Md. Afzal Karim)

wPd Gw·wKDwUf Awdmvi Chief Executive Officer

SONALI BANK PLC
CORPORATE
GOVERNANCE

DIRECTORS’ REPORT TO THE
SHAREHOLDERS
†mvbvjx e¨vsK wcGjwm Gi mß`k evwl©K mvaviY mfvq With immense pleasure, we take the privilege of
Avcbv‡ì‡K ¯^vMZ Rvbv‡Z †c‡i Avgiv AZ¨šÍ Avbw›`Z| 2023 welcoming you to the 17th Annual General Meeting (AGM)
of Sonali Bank PLC. We convey our heartfelt thanks and
mv‡j e¨vs‡Ki eëmv cwiPvjbvi †ÿ‡Î Avcbv‡ì mevi Ae¨vnZ
gratitude to all of you for the continued support and
mg_©b I Drmvn †`qvi Rb¨ Avgiv AvšÍwiKfv‡e abëv` I K…ZÁZv patronization in carrying out the business of our Bank
Ávcb KiwQ| e¨vs‡Ki 31 wW‡m¤î 2023 ZvwiL wfwËK wbixwÿZ in 2023. We present herewith the audited Financial
Avw_©K weeiYxmn wbixÿv cÖwZ‡e`b Avcbv‡ì ch©v‡jvPbv I Statements and the Auditors’ Report for the year ended
we‡køl‡Yi Rb¨ Dc¯’vcb KiwQ| 31 December 2023 for your perusal and consideration.
‡`‡ki ivóª-gvwjKvbvaxb me©e„nr evwYwR¨K e¨vsK wn‡m‡e Sonali Bank PLC, the state-owned largest commercial
†mvbvjx e¨vsK wcGjwm mKj ¯Í‡ii MÖvnK‡K e¨vswKs myweav bank of the country, has been operating and
entertaining every level of people with banking facilities
cÖ`v‡bi cvkvcvwk D™¢vebx e¨vswKs †mev †`qvi gva¨‡g †`‡ki and delivering innovative banking services for overall
†UKmB Dbœq‡b f~wgKv ivL‡Q| gvbm¤§Z MÖvnK †mev cÖ`v‡bi and sustainable development of the country. It was
j‡ÿ¨ bZzb wfkb I wgkb wb‡q G e¨vsK 3 Ryb, 2007 Zvwi‡L registered as the Public Limited Company on 3 June
cvewjK wjwg‡UW †Kv¤úvbx wn‡m‡e wbewÜZ nq| cieZ©x‡Z 14 2007 with a new Vision and Mission to serve the nation
by providing quality customer services. Later on, the
†g 2023 n‡Z †mvbvjx e¨vsK wjwg‡UW Gi bvg cwieZ©bc~e©K name of Sonali Bank Limited has been changed into
ÕÕ†mvbvjx e¨vsK wcGjwmÕÕ bvgKiY Kiv nq| “Sonali Bank PLC” on 14 May 2023.
G cÖwZ‡e`‡b †mvbvjx e¨vsK wcGjwm Gi 2023 mv‡ji eëmvwqK The activities of the Bank and its operational
Kvh©µg I djvd‡ji mv‡_ 2022 mv‡ji Zzjbvg~jK Ae¯’v Zz‡j performance in 2023 as compared to those in
2022 have been presented in this report. The
aiv n‡q‡Q| Avw_©K cÖwZ‡e`bmg~n cÖ¯‘‡Zi mgq B›Uvib¨vkbvj financial statements prepared in accordance with
wdb¨vwÝqvj wi‡cvwU©s ÷¨vÛvW© (AvBGdAviGm) mn wbqš¿YKvix the International Financial Reporting Standards
ms¯’vi wb‡`©kvejx cwicvjb Kiv n‡q‡Q| e¨vs‡Ki 31 wW‡m¤î, (IFRS) and other compliances for the year ended 31
2023 wfwËK cÖ¯‘ZK…Z Avw_©K weeiYxmg~n GB cÖwZ‡e`‡bi mv‡_ December 2023, have been annexed to this report.
Before presenting the detailed performance of
mshy³ Av‡Q| e¨vs‡Ki Avw_©K Ae¯’vi wek` wPÎ Dc¯’vc‡bi c~‡e© the Bank in the year under review, we would like
2023 mv‡ji wek¦ A_©bxwZi cvkvcvwk evsjv‡`‡ki A_©bxwZi to present you a snapshot of the performance of
wKQz ¸iæZ¡c~Y© ‡cÖÿvc‡Ui mvims‡ÿc Dc¯’vcb Kiv n‡jv| the world economy in 2023 followed by that of the
Bangladesh economy in some key areas.
wek¦ A_©bxwZ 2023 World Economy 2023
wek¦ A_©bxwZ †KvwfW 19 AwZgvixi AeëwnZ ciB ivwkqv-BD‡µb The global economy remains remarkably resilient
through the global disinflation of 2022–23 descended
hy‡×i d‡j wekê¨vcx m„ó R¦vjvbx I Lv`¨ msKU, g~j¨ùxwZi Pig
from its peak in mid-2022, after a long eventful journey
DaŸ©MwZmn bvbv NUbvcÖev‡ni d‡j mvivwe‡k^ avivevwnKfv‡e that was started with supply-chain disruptions in the
K‡Vvi ms‡KvPbg~jK Avw_©K bxwZ MÖnY Kiv nq| GiB cÖfv‡e aftermath of the pandemic, a Russian-initiated war on
gy`vª ùxwZRwbZ g~j¨ùxwZ 2022 mv‡ji gvSvgvwS mg‡q m‡e©v”P Ukraine that triggered a global energy and food crisis, and
Ae¯’vb n‡Z 2022-23 Gi †klv‡a© wb‡P †b‡g Av‡m hwÌ G a considerable surge in inflation, followed by a globally
synchronized monetary policy tightening. According to
mg‡q wek^ A_©bxwZ Avðh©RbKfv‡e w¯’Zve¯’vq wQj| AvšÍRv© wZK
the International Monetary Fund (IMF) World Economic
gy`vª Znwej, Iqvì© B‡Kv‡bvwgK AvDUjyK GwcÖj 2024 †gvZv‡eK Outlook (WEO) April 2024, global growth, estimated at
wek¦ A_©bxwZi cÖew„ × 2023 mv‡ji 3.2 kZvs‡ki g‡Zv 2024 I 3.2 percent in 2023, is projected to continue at the same
2025 mv‡jI GKB ai‡Yi n‡Z cv‡i| pace in 2024 and 2025.
DbœZ †`k¸‡jv‡ZI 2024 mv‡j K‡Vvi ms‡KvPbg~jK Avw_©K Governments in advanced economies are expected to
bxwZ MÖnY Kiv n‡jI 2025-26 mv‡j wKQzUv wkw_j Kiv n‡Z tighten fiscal policy in 2024 and, to a lesser extent, in
2025–26. For advanced economies, growth is projected
cv‡i| DbœZ A_©bxwZi †`kMy‡jv‡Z cÖe„w× 2023 mv‡ji 1.6

SONALI BANK PLC
kZvsk n‡Z 2024 I 2025 mv‡j h_vµ‡g 1.7 I 1.8 to rise from 1.6 percent in 2023 to 1.7 percent in 2024
and 1.8 percent in 2025. In the United States, growth is
kZvsk cÖe„w× AwR©Z n‡e e‡j Avkv Kiv n‡”Q| †`k¸‡jvi
projected to increase to 2.7 percent in 2024 from 2.5
g‡a¨ hy³iv‡óªi cÖe„w× 2023 mv‡ji 2.5% n‡Z 2024 mv‡j percent in 2023, before slowing to 1.9 percent in 2025.
2.7% G DbœxZ n‡Z cv‡i| BD‡iv AÂ‡ji cÖe„w× 2023 Growth in the euro area is projected to recover from 0.4
mv‡ji 0.4% n‡Z cyYiæ×vi n‡q 2024 mv‡j 0.8% Ges percent in 2023 to 0.8 percent in 2024 and 1.5 percent
in 2025. The United Kingdom is estimated to grow by
2025 mv‡j 1.5% n‡Z cv‡i| GQvov hy³iv‡R¨ 2023
0.1 percent, Germany -0.2 percent, France 0.7 percent,
mv‡ji 0.1% n‡Z 2024 mv‡j 0.5%, Rvg©vwb‡Z GKBfv‡e Japan 1.3 percent and Canada 0.9 percent in 2023. In
-0.2% n‡Z 0.7%, d«v‡Ý 0.7% n‡Z 1.1%, Rvcv‡b 2024, the projected growth for the UK is 0.5 percent,
1.3% n‡Z 1.7% Ges KvbvWvq 2023 mv‡ji 0.9% n‡Z Germany from 0.7 percent, France 1.1 percent, Japan 1.7
2024 mv‡j 1.8% cÖe„w× AwR©Z n‡Z cv‡i| percent and Canada 1.8 percent.
2023 mv‡j D`xqgvb I Dbœqbkxj A_©bxwZi †`k¸‡jvi cÖe„w× The growth in emerging market and developing
4.5% cÖ‡ÿcb Kiv n‡q‡Q †hwU 2024 I 2025 mv‡j 4.2% economies was 4.5 percent in 2023 and expected
to be stable at 4.2 percent in 2024 and 2025. India is
G w¯’i _vK‡Z cv‡i| †`k¸‡jvi g‡a¨ fvi‡Zi cÖe„w× n‡Z expected to grow by 6.8 percent, highest in the group,
cv‡i me‡P‡q †ekx, cÖvq 6.8%; hwÌ Af¨šÍixY µgea©gvb and projected to remain strong at 6.8 percent in 2024
Pvwn`v I Kg©Rxex †kÖYxi DÌv‡bi Kvi‡Y 2024 mv‡j GKB and 6.5 percent in 2025, with the robustness reflecting
continuing strength in domestic demand and a rising
cÖe„w× a‡i ivL‡jI 2025 mv‡j 6.5% G w¯’i _vK‡Z cv‡i|
working-age population. Growth in China is projected
m¤ú` eë¯’vcbvi `~e©jZvi Kvi‡Y Pxb Gi cÖe„w× 2023 mv‡ji to slow from 5.2 percent in 2023 to 4.6 percent in 2024
5.2% n‡Z n«vm †c‡q 2024 I 2025 mv‡j h_vµ‡g 4.6% I and 4.1 percent in 2025 as the effect of weakness in
4.1% G †b‡g Avm‡Z cv‡i| ivwkqvi wb¤œMvgx cÖe„w×i Kvi‡Y the property sector. Due to decreasing growth in Russia,
Emerging and developing Europe is projected at 3.2
BD‡iv‡ci D`xqgvb I Dbœqbkxj †`k¸‡jvi cÖe„w× 2023
percent in 2023 and 3.1 percent in 2024, with an easing
mv‡ji 3.2% n‡Z 2024 I 2025 mv‡j h_vµ‡g 3.1% I to 2.8 percent in 2025. Growth in the Middle East and
2.8% G †b‡g Avm‡Z cv‡i| ga¨cÖvP¨ I ga¨ Gwkqvi cÖe„w× Central Asia is projected to rise from an estimated 2.0
2023 mv‡ji 2.0% n‡Z 2024 mv‡j 2.8% Ges 2025 mv‡j percent in 2023 to 2.8 percent in 2024 and 4.2 percent
in 2025.
4.2% G DbœxZ n‡Z cv‡i|
Aciw`‡K ivwkqv-BD‡µb hy‡×i Kvi‡Y wekê¨¨vcx g~j¨ùxwZ The Russia-Ukraine war has fueled global inflation.
e„w× ‡c‡q‡Q| g~j¨ùxwZ wbqš¿‡Y hy³iv‡óªi †dWv‡ij wiRvf©mn Central bank policies in many countries around the world,
including the US Federal Reserve (Fed), have increased
we‡kî wewfbœ †`‡ki †K›`ªxq e¨vsKmg~n wewfbœ mg‡q my`nvi e„w× interest rates several times to control inflation. As a result,
K‡i‡Q| d‡j Avg`vbxwbf©i †`kmg~‡ni PjwZ wnmv‡ei fvimv‡g¨ the negative impact on the current account balance
FYvZ¡K cÖfve cwijwÿZ n‡jI †mwU 2022 mv‡ji 8.8% n‡Z of various countries continues to increase in import-
dependent economies. Global inflation is estimated
2023 mv‡j 6.6% Ges 2024 mv‡j 4.5% G †b‡g Avm‡e e‡j
at 8.8 percent in 2022 (annual average), 6.6 percent in
aviYv Kiv n‡”Q| hwÌ µgn«vmgvb G g~j¨ùxwZ nvi †KvwfW 19 2023 and will be 4.5 percent in 2024. However, this rate
AwZgvixi c~‡e©i Zzjbvq †ekxB _vK‡e| of inflation is higher than the pre-pandemic inflation rate.
(m~Ît AvBGgGd Iqvì© B‡Kv‡bvwgK AvDUjyK GwcÖj 2024) (Source: IMF World Economic Outlook April 2024)
evsjv‡`‡ki A_©bxwZ 2023 Bangladesh Economy 2023
†KvwfW 19 AwZgvix I ivwkqv BD‡µb Pjgvb msK‡Ui Kvi‡Y Bangladesh’s economy has recovered from the economic
damage caused by the impact of COVID-19 and the
evsjv‡`‡ki ÿwZMÖ¯’ A_©bxwZ‡Z cÖvYmÂvi ïiæ n‡jI wek¦ ongoing Russia-Ukraine crisis, although the recent
A_©bxwZ axiMwZ G‡`‡ki A_©bxwZ‡Z cyYivq w¯’i K‡i w`‡”Q| slowdown in the global economy has adversely affected
2020-21 I 2021-22 mv‡j evsjv‡`‡ki A_©bxwZi h_vµ‡g the country’s economic growth. Bangladesh’s economic
6.94% I 7.10% cÖe„w× AwR©Z nq| evsjv‡`k cwimsL¨vb growth stood at 6.94 percent in FY 2020-21 and 7.10
percent in FY 2021-22. According to the provisional
ey¨‡iv (weweGm) Gi wnmve Abyhvqx, 2022-23 A_©eQ‡i estimates of Bangladesh Bureau of Statistics (BBS), the
evsjv‡`k Gi 6.03% cÖe„w× AwR©Z n‡q‡Q| GDP growth stood at 6.03 percent in FY 2022-23.
weweGm Gi mvgwqK wnmve Abyhvqx K…wl Lv‡Zi cÖew„ × 2022-23 According to the provisional estimate of BBS, the growth of
agriculture sector has slowed down to 2.61 percent in the FY
Gi cÖew„ × 2021-22 n‡Z 0.44% kZvsk n«vm †c‡q G 2.61
2022-23, 0.44 percentage point lower than FY 2021-2022.
kZvs‡k †b‡g G‡m‡Q| 2022-23 G wkí Lv‡Zi cÖe„w×

8.18% G DbœxZ n‡q‡Q| miKv‡ii avivevwnK D‡`¨v‡Mi During the same period, industrial sector grew by 8.18%
in 2022-23. In the past years, with the aim of encouraging
d‡j c~e©eZ©x eQimg~‡ni b¨vq fvix wk‡íi cvkvcvwk ga¨g I the expansion of medium and small industries in addition
ÿz`ª wk‡íi m¤úªmvi‡Y G LvZ‡K DrmvwnZ Kivi j‡ÿ¨ e¨vsK to large industries, the amount of industrial loans distributed
I Avw_©K cÖwZôvbmg~‡ni gva¨‡g e¨vcKfv‡e wkí FY cÖ`vb in the country is continuously increasing as a result of the
I Ab¨vb¨ mnvqZv cÖ`vb Kiv n‡”Q| d‡j wkí Lv‡Zi cÖe„w× continuous efforts of the government to distribute industrial
loans and other cooperation through banks and financial
†gvU wRwWwcÕi 37.56% G DbœxZ n‡q‡Q, hv c~e©eZ©x eQ‡ii institutions. The contribution of industry to GDP became
Zzjbvq 0.64% †ekx| †mevLv‡Zi cÖe„w× Av‡Mi eQ‡ii 37.56 percent, 0.64 percentage point higher than the
Zzjbvq 0.42% n«vm †c‡q 2022-23 A_©eQ‡i 5.84% G previous fiscal year. The services sector is estimated to have
ùvwo‡q‡Q| My`vgRvZ I Avbylw½K Lv‡Z m‡e©v”P 9.08% 5.84 percent growth in FY 2022-23, 0.42 percentage point
lower than the FY 2021-22. Warehouse and support activities
Ges gvbe ¯^v¯’¨ I mvgvwRK †mev Kvh©µ‡g 8.36% cÖe„w× are estimated to experience the highest growth rate of 9.08
AwR©Z n‡q‡Q| percent followed by Human health and social work (8.36%).
me©‡kl wnmve Abyhvqx, 2022-23 A_©eQ‡i gv_vwcQz wRwWwc As per the final estimate, per capita GDP stood at US$
c~e©eZ©x A_©eQ‡ii 2,687 gvtWjvi n‡Z n«vm †c‡q 2,657 2,657 in FY 2022-23 decreasing from US$ 2,687 of fiscal
year 2021-22, while the per capita national income stood
gvtWjv‡i Ges gv_vwcQz RvZxq Avq 2021-22 Gi 2,793 at US$ 2,765 which was US$ 2,793 in the previous fiscal
gvtWjvi n‡Z 2022-23 G 2,765 gvtWjv‡i †b‡g G‡m‡Q| year. The per capita national income in dollar terms has
g~jZt 2022-23 A_©eQ‡i gvwK©b Wjv‡ii wewbgq g~j¨ e„w× declined slightly in FY 2022-23 due to the appreciation
cvIqvq gv_vwcQz RvZxq Avq n«vm †c‡q‡Q| of US dollar.
ivwkqv-BD‡µb hy‡×i Kvi‡b mieivn †PBb wewNœZ nIqvq The world has seen a sharp jump in commodity prices
due to supply chain issues as a result of ongoing
wek¦evRv‡i `ªe¨g~‡jï EaŸ©MwZ cwijwÿZ nq| we‡k¦i mKj
Russia-Ukraine war. Like other countries of the world,
†`‡ki g‡Zv evsjv‡`‡kI g~j¨ùxwZ e„w× †c‡q‡Q| c‡q›U Uz the upward trend of the price level is being observed
c‡q›U †ewm‡m GwcÖj 2023 G g~j¨ùxwZ `vovq 9.24% hv in Bangladesh. On a point-to-point basis, inflation stood
GwcÖj 2022 G wQ‡jv 6.29%| evsjv‡`k miKvi g~j¨ùxwZi at 9.24 percent in April 2023, as against 6.29 percent in
April 2022. The government has taken various necessary
G Pvc cÖkg‡bi j‡ÿ¨ wewfbœ D‡`¨vM MÖnY K‡i‡Q| G
steps to alleviate the pressure of inflation. The coverage
j‡ÿ¨ IGgGm Gi cwiwa evov‡bvi cvkvcvwk b¨vh¨g~‡j¨ of the OMS has increased and ‘Family Cards’ have been
wbZ¨cÖ‡qvRbxq cY¨ µq Ki‡Z †`‡ki GK †KvwU gvbyl‡K issued to nearly 1 crore poor people so that they can buy
we‡kl KvW© cÖ`v‡bi eë¯’v MÖnY K‡i‡Q| essential commodities at low cost.
†KvwfW-19 AwZgvix Ges ivwkqv-BD‡µb hy‡×i ÿwZKi Foreign trade of Bangladesh has started to return to a
positive trend after confronting the adverse effect of
cÖfve †gvKv‡ejv K‡i evsjv‡`‡ki ‰e‡`wkK evwYR¨ DbœwZi
COVID-19 pandemic and Russia-Ukraine war. Bangladesh’s
avivq wd‡i Avm‡Z ïiæ K‡i‡Q| 2022-23 A_©eQ‡i ißvwb export growth is on a positive trend as exports receipts are
evwYR¨ c~e©eZ©x eQ‡ii Zzjbvq wKQzUv e„w× †c‡q 54.20 estimated to be 54.2 billion in FY 2022-23, which is a bit
wewjqb gvtWjv‡i DbœxZ n‡q‡Q| Aciw`‡K †`‡ki Avg`vwb higher than the previous fiscal year. On the other hand,
Country’s total Import payments is estimated to be around
e¨qI c~e©eZ©x eQ‡ii Zzjbvq n«vm †c‡q 2022-23 A_©eQ‡i
US$ 75.1 billion in FY 2022-23, lower than the import
75.10 wewjqb gvt Wjv‡i ùvwo‡q‡Q| miKv‡ii cvkvcvwk payments of the preceding fiscal year. The negative growth
†K›`ªxq e¨vsK KZ©„K wewfbœ c`‡ÿc MÖn‡Yi d‡j Avg`vwb of import might be the outcome of a number of initiatives
wKQzUv n«vm ‡c‡q‡Q| taken by the government as well as the central bank.
†KvwfW 19 AwZgvixi Kvi‡b ewnwe©‡k¦ kÖgevRvi gvivZ¥Kfv‡e Due to COVID-19 pandemic, the global labour market
has drastically affected. But number of emigrant workers
ÿwZMÖ¯’ nq| K‡ivbv cwiw¯’wZi DbœwZ nIqvq ågb wb‡lavÁvq
from Bangladesh has significantly increased due to ease
wkw_jZvi Kvi‡Y 2021-22 A_©eQ‡i evsjv‡`k †_‡K the travel restriction for better COVID-19 situation. During
kÖwg‡Ki Awfevmb msL¨v D‡jøL‡hvM¨ nv‡i e„w× †c‡q‡Q| 2022-23, financial year, remittance earned reached
Gmg‡q evsjv‡`‡ki cÖevmxiv †gvU 21,031.68 wgwjqb gvt at US$ 21.03 billion though 15.11 percent lower than
previous fiscal year. The major portion of remittance has
Wjvi †iwgU¨vÝ †cÖiY K‡i| wewfbœ †`‡ki g‡a¨ ga¨cÖv‡Pï
been received from Middle East countries. During 2023,
†`k¸wj †_‡K mePvB‡Z †ekx †iwgU¨vÝ AvnwiZ nq| 2023 mv‡j the highest amount of remittance earned from Kingdom
me©vwaK †iwgU¨vÝ AvnwiZ †`k¸wji g‡a¨ †mŠwÀvie, hy³ivóª, mshy³ of Saudi Arabia followed by the USA, UAE, the UK, Qatar,
Avie AvwgivZ, hy³ivR¨, KvZvi, Kz‡qZ, gvj‡qwkqv, BZvwj Ab¨Zg| Kuwait, Malaysia, Italy and so on.

SONALI BANK PLC
hy‡×i Kvi‡Y FYvZ¡K evwYwR¨K fvimvg¨ Ges †iwgU¨v‡Ýi wb¤œgLy x Shortfall in the overall balance due to the war
avivi d‡j mvgwMÖK evwY‡Rï fvimv‡gï NvUwZ‡Z ê‡`wkK and deficit balance of payment owing to negative
remittance flow is largely responsible for the downfall
evwY‡Rï wiRvf© n«vm †c‡q‡Q| ‰e‡`wkK gy`vª i wewbgq g~‡jï e¨vcK of foreign exchange reserve. Due to the high import bill
DÌvbRwbZ m„ó D”P Avg`vbx wej cwi‡kv‡ai Kvi‡Y ê‡`wkK resulted from global excessive price hike the volume of
wiRvf© Gi cwigvY wW‡m¤î 2023 G 27.13 wewjqb gvt Wjv‡i foreign exchange reserves stood at US$ 27.13 billion on
†b‡g Av‡m| December 2023.
(m~Ît evsjv‡`k A_©‰bwZK mgxÿv 2023) (Source: Bangladesh Economic Review 2023)
†mvbvjx e¨vsK wcGjwm Gi AvZ¥cÖKvk The emergence of Sonali Bank PLC
evsjv‡`k e¨vsK (b¨vkbvjvB‡Rkb) AW©vi-1972, ivóªcwZi Sonali Bank was established under the Bangladesh
Banks (Nationalization) Order-1972, President’s
Aa¨v‡`k bs-26, 1972 †gvZv‡eK b¨vkbvj e¨vsK Ae cvwK¯Ívb,
Order No-26 of 1972, through the merger and
w` e¨vsK Ae evn&Iqvjcyi Ges w` wcÖwgqvi e¨vsK wjwg‡UW
nationalization of 1) The National Bank of Pakistan 2)
A½xf~ZKiY Ges RvZxqKi‡Yi gva¨‡g †mvbvjx e¨vsK AvZ¥cK Ö vk The Bank of Bhawalpur Ltd. and 3) The Premier Bank
K‡i| cieZ©x‡Z †Kv¤úvbx AvBb, 1994 Abyhvqx 3 Ryb, 2007 Ltd. Later on, it was registered as a Public Limited
Zvwi‡L R‡q›U ÷K †Kv¤úvbxR GÛ dvg©m G wbeÜ‡bi gva¨‡g GwU Company under the Company Act, 1994 on 3 June,
cvewjK wjwg‡UW †Kv¤úvbx wn‡m‡e ¯^vaxbfv‡e Kvh©µg ïiæ K‡i| 2007, with joint stock companies and firms to make
evsjv‡`k e¨vsK KZ…K © e¨vsK †Kv¤úvbx AvBb, 1991 Abyhvqx 5 it operationally independent. Bangladesh Bank
issued Banking License on 5 June, 2007 under the
Ryb, 2007 Zvwi‡L †mvbvjx e¨vsK wjwg‡UW-‡K e¨vswKs jvB‡mÝ
Bank Company Act, 1991. Sonali Bank PLC took over
cÖ`vb Kiv nq| MYcÖRvZš¿x evsjv‡`k miKvi Ges †mvbvjx e¨vsK
the business of Sonali Bank on 15 November, 2007
wjwg‡UW Gi g‡a¨ m¤úvw`Z Pzw³ †gvZv‡eK 15 b‡f¤î, 2007 with all assets, liabilities, benefits, rights, powers,
mv‡j GKwU Vendor’s Agreement ¯^vÿ‡ii gva¨‡g †mvbvjx authorities, privileges, borrowing and responsibility as
e¨vs‡Ki mKj m¤ú`, `vq, myweav, AwaKvi, ÿgZv, KZ©Z „ ,¡ going concern under a Vendor`s Agreement signed
we‡klvwaKvi, avi Ges `vwqZ¡ AwaMÖn‡Yi gva¨‡g †mvbvjx e¨vsK between the Government of the People’s Republic
wjwg‡UW GKwU Pjgvb mZ¡v (Going Concern) wn‡m‡e cÖwZôv of Bangladesh and Sonali Bank Limited. The name
of Sonali Bank Limited again has been changed into
cvq| cieZ©x‡Z 14 †g 2023 n‡Z †mvbvjx e¨vsK wjwg‡UW
“Sonali Bank PLC” on 14 May 2023. It is the state-
Gi bvg cwieZ©bc~eK © ÔÔ†mvbvjx e¨vsK wcGjwmÕÕ bvgKiY Kiv
owned largest commercial bank having 1,230 local
nq| †`‡ki Af¨šÍ‡i i‡q‡Q 1,230wU Ges †`‡ki evB‡i 2wU branches, 2 foreign branches, 69 Principle Offices,
kvLvmn †gvU 1,232wU kvLv wb‡q eZ©gv‡b GwU †`‡ki me©en„ r ivóª 18 GM Offices, 37 Corporate Branches (including
gvwjKvbvaxb evwYwR¨K e¨vsK| GQvov 69wU wcÖwÝcvj Awdm, 18wU Local Office), 48 AD branches and four subsidiaries-
wRGg Awdm, kvLv mg~‡ni g‡a¨ 37wU K‡c©v‡iU kvLv, 48wU GwW named Sonali Exchange Co. Inc. (SECI) USA, Sonali
kvLv i‡q‡Q| †mvbvjx e¨vsK wcGjwm Gi 4wU mvewmwWqvix cÖwZôvb Bangladesh (UK) Ltd., Sonali Pay (UK) Ltd. and Sonali
Investment Limited (SIL) in Bangladesh; and an
i‡q‡Q-(1) †mvbvjx G·‡PÄ †Kv¤úvbx BbK‡c©v‡i‡UW (SECI),
associate named Sonali Intellect Ltd. The address
BDGmG, (2) †mvbvjx evsjv‡`k (BD‡K) wjwg‡UW, (3) ‡mvbvjx
of the registered office of the Bank is 35-42, 44
†c (BD‡K)wjwg‡UW Ges (4) †mvbvjx Bb‡fó‡g›U wjwg‡UW (SIL), Motijheel Commercial Area, Dhaka, Bangladesh. The
evsjv‡`k| GQvov, GKwU G‡mvwm‡qUI i‡q‡Q- †mvbvjx Bb‡U‡j± Board of Directors of the Bank consists of 09 (nine)
wjwg‡UW| G e¨vs‡Ki wbewÜZ Awdm wVKvbv n‡jv 35-42, 44 members headed by a Chairman. The Directors are
gwZwSj, evwYwR¨K GjvKv, XvKv, evsjv‡`k| e¨vs‡Ki cwiPvjbv representatives from both public and private sectors
cl©` 09(bq) m`m¨ wewkó hvi cÖavb n‡jb GKRb †Pqvig¨vb| with high proficiency and scholastic background in
their respective areas.
cwiPvjbv cl©‡ì m`m¨MY Kg©`ÿZv I Áv‡bi Av‡jv‡K weKwkZ
miKvwi Ges †emiKvwi Lv‡Zi cÖwZwbwa|
evsjv‡`‡ki e¨vswKs †m±‡i †mvbvjx e¨vsK wcGjwm Sonali Bank PLC- In the Banking Sector of Bangladesh
After the emergence of Bangladesh, the role of Sonali

evsjv‡`‡ki Afz¨`‡qi ci n‡Z †`‡ki A_©bxwZ Ges e¨vswKs †m±‡ii Bank PLC in advancement of economy and in flourishing
weKvk Gi †ÿ‡Î †mvbvjx e¨vs‡Ki f~wgKv Ab¯^xKvh©| ZrKvjxb banking business is indispensable. Since the liberation
evsjv‡`k cybM©V‡b Ges cieZ©x‡Z †`‡ki eëmv evwYR¨ cÖmvi, war, Sonali Bank has been working as the co-partner of
wkíKviLvbv ¯’vcb, Avg`vwb-ißvwb mn mvwe©K Dbœqbg~jK Kg©Kv‡Û complying government policy in rebuilding Bangladesh
†mvbvjx e¨vsK miKv‡ii mn‡hvMx wn‡m‡e KvR K‡i Avm‡Q| 2023 along with expansion of business, establishment of

mvj †k‡l †`‡ki e¨vswKs †m±‡ii †gvU 17,787,040.00 wgwjqb industries, import-export financing etc. At the end of 2023,
amount of deposits and loans & advances of Sonali Bank
UvKv AvgvbZ Ges 15,616,966.00 wgwjqb UvKv FY I AwMÖg Gi
PLC are Tk. 1,506,183.93 million and Tk. 1,008,052.68 million
wecix‡Z †mvbvjx e¨vs‡Ki AvgvbZ Ges FY I AwMÖ‡gi cwigvY h_ respectively, 8.47% of total deposits of Tk. 17,787,040.00
vµ‡g 1,506,183.93 wgwjqb Ges 1,008,052.68 wgwjqb UvKv, million and 6.45% of total loans & advances of Tk.
kZKiv wn‡m‡e h_vµ‡g 8.47% I 6.45%| 2023 mv‡j †mvbvjx 15,616,966.00 million of the banking sector of Bangladesh.
e¨vsK ‡kÖwYK…Z FY n‡Z ‡gvU 11,644.40 wgwjqb UvKv Av`vq K‡i| During 2023, Sonali Bank has recovered Tk. 11,644.40
million from classified loan. In inward foreign remittance,
†`‡ki †gvU ê‡`wkK †iwgU¨vÝ 21,917.15 wgwjqb BDGm Wjv‡ii Sonali Bank’s contribution is US$ 1,160.20 million which is
wecix‡Z †mvbvjx e¨vsK wcGjwm Gi Ae`vb 1,160.20 wgwjqb BDGm 3.64% of total foreign remittance of US$ 21,917.15 million
Wjvi ev 3.64%| D‡jøwLZ eQ‡i †mvbvjx e¨vsK AwMÖg Ki, Dr‡m Ki of Bangladesh. Moreover, the Bank deposited a total of Tk.
Ges f¨vU eve` †gvU 14,170.96 wgwjqb UvKv miKvwi †KvlvMv‡i Rgv 14,170.96 million in 2023 as advance tax, tax at source and
VAT to the national exchequer.
K‡i‡Q|
†mvbvjx e¨vsK wcGjwm Gi mvewmwWqvwi cÖwZôvb Subsidiaries of Sonali Bank PLC
†mvbvjx e¨vsK wcGjwmi 4wU mvewmwWqvwi cÖwZôvb i‡q‡Q-(1) Sonali Bank PLC has four subsidiaries named (1)
†mvbvjx Bb‡f÷‡g›U wjwg‡UW (SIL) (2) †mvbvjx G·‡PÄ Sonali Investment Limited (SIL) (2) Sonali Exchange
Co. Inc. (SECI) (3) Sonali Bangladesh (UK) Limited
†Kv¤úvwb BbK‡c©v‡i‡UW (SECI) (3) †mvbvjx evsjv‡`k (BD‡K)
and (4) Sonali Pay (UK) Ltd.
wjwg‡UW Ges (4) †mvbvjx †c (BD‡K) wjwg‡UW |
†mvbvjx Bb‡f÷‡g›U wjwg‡UW (SIL) Sonali Investment Limited (SIL)
cuwy RevRv‡ii ÿz`ª I mvaviY wewb‡qvMKvix‡ì ¯^v_© myiÿvi Rb¨ To protect the interest of small and common investors
in the capital market, SBPLC has established a wholly
†mvbvjx evsK wcGjwm m¤ú~Y© wbR¯^ A_©vq‡b 2010 mv‡j Ò†mvbvjx
owned subsidiary named ‘Sonali Investment Limited’ in
Bb‡f÷‡g›U wjwg‡UWÕÕ (SIL) bv‡g GKwU mvewmwWqvix †Kv¤úvbx 2010. Sonali Investment Limited was registered under
cÖwZôv K‡i| 20 GwcÖj 2010 mv‡j †Kv¤úvbx AvBb, 1994 the Companies Act 1994 as a public limited company by
Abymv‡i †mvbvjx Bb‡f÷‡g›U wjwg‡UW wbewÜZ nq Ges R‡q›U shares on 20 April, 2010 and commenced its operations
from 22 April, 2010 as the company got registered with
÷K †Kv¤úvbxR GÛ dvg©m Gi wbKU wbewÜZ nIqvi ci 22 GwcÖj
Registrar of Joint Stock Companies and Firms. SIL received
2010 ZvwiL †_‡K Gi Kvh©µg ïiæ K‡i| weGmBwm †_‡K 05 AvMó merchant banking license from BSEC on 5 August, 2010.
2010 Zvwi‡L SIL gv‡P©›U e¨vswKs Gi jvB‡mÝ AR©b K‡i| evsjv‡`k In terms of the guidelines of Bangladesh Bank, SBPLC
e¨vs‡Ki bxwZgvjvi Av‡jv‡K †mvbvjx e¨vsK wcGjwm Zvi gv‡P©›U has converted its merchant banking unit into a separate
e¨vswKs BDwbU‡K GKwU c„_K mvewmwWqvix †Kv¤úvbx wn‡m‡e †mvbvjx subsidiary company titled Sonali Investment Limited (SIL)
with the objectives of undertaking full-fledged merchant
Bb‡f÷‡g›U wjwg‡UW G iƒcvšÍi K‡i| Gi jÿ¨ wQj gv‡P©›U e¨vsK banking operations namely, issue management, and
wn‡m‡e c~Y© Kvh©µg cwiPvjbv Kiv hvi g‡a¨ Bmy¨ g¨v‡bR‡g›U, AvÛvi underwriting and portfolio management. The authorized
ivBwUs Ges ‡cvU©‡dvwjI g¨v‡bR‡g›U Ab¨Zg| SIL Gi Aby‡gvw`Z capital of this subsidiary is Tk. 5,000 million and paid up
I cwi‡kvwaZ g~ja‡bi cwigvY h_vµ‡g 5,000 wgwjqb UvKv Ges capital is Tk. 2,000 million. At present, SIL is operating
through 02 (two) branches in Dhaka.
2,000 wgwjqb UvKv| eZ©gv‡b SIL Gi XvKvq 2wU kvLv i‡q‡Q|
†mvbvjx G·‡PÄ †Kv¤úvbx BbK‡c©v‡i‡UW (SECI), BDGmG Sonali Exchange Co. Inc. (SECI), USA
A subsidiary company incorporated on 4 April,

wbDBq‡K©i †÷U wWcvU©‡g‡›Ui AvBb ‡gvZv‡eK 4 GwcÖj, 1994 Zvwi‡L 1994 under the laws of the state of New York, USA,
†mvbvjx G·‡PÄ †Kv¤úvbx BbK‡c©v‡i‡UW (SECI) GKwU †Kv¤úvbxiƒ‡c commenced its operations as an International
cÖwZwôZ nq| GwU 12 wW‡m¤î 1994 ZvwiL †_‡K AvšÍRv© wZKfv‡e A_© Money Remitter from 12 December, 1994. At
†cÖiYKvix cÖwZôvb wn‡m‡e Kvh©µg ïiæ K‡i| eZ©gv‡b hy³iv‡óªi 5wU present, Sonali Exchange Co. Inc. has 03 branches
and 07 booths in 5 states in the USA. The paid up
A½iv‡R¨ Gi 03wU kvLv Ges 07wU ey_ i‡q‡Q| Gi cwi‡kvwaZ g~jab capital of this subsidiary is US$ 950,000.
9,50,000 gvwK©b Wjvi|
†mvbvjx evsjv‡`k (BD‡K) wjwg‡UW Sonali Bangladesh (UK) Limited
A_© †cÖiY I Ab¨vb¨ Avw_©K †mev cÖ`v‡bi jÿ¨ wb‡q †mvbvjx †UªW With a view to remitting money and providing other
GÛ wdb¨vÝ (BD‡K) wjwg‡UW bv‡g GKwU †Kv¤úvbx 30 Ryb financial services to its customers, a company under
the name and style Sonali Trade and Finance (UK)
1999 mv‡j cÖwZwôZ nq| GwU cÖwZwôZ nq BD‡K †Kv¤úvbxR

SONALI BANK PLC
AvBb 1985 Abyhvqx| cieZ©x‡Z 7 wW‡m¤î 2001 ZvwiL †_‡K Limited was incorporated on 30 June 1999 as an associate
under the UK Companies Act 1985. Subsequently the
wdbvwÝqvj mvwf©‡mm A‡_vwiwU, BD‡K KZ©K„ †Kv¤úvbxwU‡K e¨vswKs
company was allowed to commence its function as a bank
Kvh©µg Kivi Aby‡gv`b †`q| Gi bvg cwieZ©b K‡i cieZ©x‡Z from 7 December 2001 by the Financial Services Authority
†mvbvjx e¨vsK (BD‡K) wjwg‡UW Kiv nq| cybM©V‡bi gva¨‡g of UK. The name was changed later on as Sonali Bank
MYcÖRvZš¿x evsjv‡`k miKvi Gi gvwjKvbvq 51% †kqvi Ges (UK) Ltd. and restructured the ownership of the company
having 51% share capital in favor of the Government of
†mvbvjx e¨vsK wcGjwm gvwjKvbvq 49% †kqvi i‡q‡Q| cybivq
People’s Republic of Bangladesh and remaining 49% by
16 AvMó 2022 ZvwiL n‡Z ‡mvbvjx e¨vsK (BD‡K) wjwg‡UW Gi Sonali Bank PLC. Since 16 August 2022 followed by the
†evW© mfvi wm×všÍ Ges †kqvi ‡nvìviM‡Yi m¤§wZ‡Z †mvbvjx e¨vsK decision of Sonali Bank (UK) Limited and the consent of
(BD‡K) wjwg‡UW‡K cybM©wVZ K‡i †mvbvjx evsjv‡`k (BD‡K) the shareholders, by passing Special Written Resolution
wjwg‡UW bv‡g GKwU c„_K mËv MVb Kiv nq| †mvbvjx evsjv‡`k Sonali Bank (UK) Limited has been restructured into a
separate entity Namely Sonali Bangladesh (UK) Limited
(BD‡K) wjwg‡UW hy³iv‡Rï ‡iwR‡óªkb Ae †Kv¤úvwbR di Bsj¨vÛ (SBUK). Sonali Bangladesh (UK) Limited (SBUK) is registered
GÛ I‡qjm Z_v BD‡K †Kv¤úvwbR nvD‡R wdbvwÝqvj Bbw÷wUDkb in the UK Companies House (Registrar of Companies for
(GdAvB) GÛ †UªW GbwUwU wn‡m‡e wbewÜZ nq| G‡ÿ‡Î c~‡e©i England and Wales) as a Financial Institution (FI) & Trade
†iwR‡÷ªkb b¤î Ges †kqvi Gi gvwjKvbv AcwiewZ©Z ivLv nq| Entity. The registration number and shareholding structure
of SBUK remained unchanged. The paid up capital of
†mvbvjx evsjv‡`k (BD‡K) wjwg‡UW Gi cwi‡kvwaZ g~ja‡bi
Sonali Bangladesh (UK) is GBP 61.46 million. The main
cwigvY 61.46 wgwjqb weªwUk cvDÛ| GB †Kv¤úvbxi g~j KvR functions of the associate are to advise, negotiate, confirm
n‡jv †mvbvjx e¨vsK wcGjwm Ges evsjv‡`kx Ab¨vb¨ e¨vs‡Ki Gjwm and provide discount facilities against L/Cs originating
we‡ji GWfvBwRs, †b‡Mvwk‡qU, Kbdvg© Ges wWmKvD›U myweav cÖ`vb from SBPLC and other Bangladeshi banks. The company
also handles remittance business for Sonali Bank and other
Kiv| GwU †mvbvjx e¨vsKmn Ab¨vb¨ evsjv‡`kx e¨vs‡Ki ê‡`wkK
banks of Bangladesh.
†iwg‡UÝ eëmv cwiPvjbvq mnvqZv K‡i _v‡K|
†mvbvjx †c (BD‡K) wjwg‡UW Sonali Pay (UK) Limited
Sonali Pay (UK) Limited (SPUK), a 100% Subsidiary
†iwgU¨vÝ eëmv‡qi Rb¨ A‡_vivBRW †c‡g›U Bb÷ªvKkvb
of Sonali Bank PLC, has been established as an
(GwcAvB) wn‡m‡e †mvbvjx e¨vs‡Ki kZfvM gvwjKvbvaxb Authorized Payment Instruction (API) for remittance
1.00 wgwjqb cwi‡kvwaZ g~ja‡bi †mvbvjx †c (BD‡K) bvgxq business in the UK and duly registered in the UK
†Kv¤úvbx BD‡K †Kv¤úvbxR nvD‡R 28 GwcÖj 2022 Zvwi‡L Companies House dated 28 April 2022 comprising
wbeÜb Kiv nq| paid up capital of GBP 1.00 (One) million.
G‡mvwm‡qUm& Ae †mvbvjx e¨vsK wcGjwm Associates of Sonali Bank PLC
†mvbvjx Bb‡U‡j± wjwg‡UW Sonali Intellect Limited
†mvbvjx Bb‡U‡j± wjwg‡UW †Kv¤úvbx AvBb, 1994 Abymv‡i 25 Sonali Intellect Limited was incorporated in Bangladesh
as a private limited company on 25 January 2012
Rvbyqvix 2012 ZvwiL †_‡K evsjv‡`‡k cÖvB‡fU wjwg‡UW †Kv¤úvbx under the Companies Act, 1994. The company
wn‡m‡e ZvwjKvfy³ nq| †Kv¤úvbxwU 1 †deªæqvix 2012 †_‡K commenced its business operations on 1 February,
eëmvwqK Kvh©µg kyiæ K‡i| Gi 51% †kqv‡ii gvwjKvbv aviY 2012. The 51% share capital of the company is owned
K‡i †cvjvwik wdbvwÝqvj †UK‡bvjwRm wjwg‡UW, fviZ I 35% by the Polaris Financial Technologies Ltd. India, 35%
by Sonali Bank PLC and the remaining 10% & 4% by
†kqv‡ii gvwjKvbv †mvbvjx e¨vsK wcGjwm Ges Aewkó 10% I
Bangladesh Commerce Bank Ltd. And Pantho Soft Ltd.
4% †kqv‡ii gvwjKvbv h_vµ‡g evsjv‡`k Kgvm© e¨vsK wjwg‡UW respectively. The principal activities of the company
Ges cvš’ mdU wjwg‡UW Gi| GB †Kv¤úvbxi cÖavb KvR n‡jv are to customize, enhance, modify and implement
evsjv‡`‡ki e¨vsKmg~‡n Bb‡U‡j± †Kvi e¨vswKs mwjDkb (CBS) intellect Core Banking Solution (CBS) 10.0 software in
banks in Bangladesh.
eënvi Dc‡hvMx, DbœZ, m¤úv`b Kiv Ges ev¯Íevqb Kiv|
b¨vkbvj †bUIqvK© National Network
miKvwi bxwZ ev¯Íevqb Ges †`‡ki A_©‰bwZK Dbœq‡bi Rb¨ SBPLC has established branch network throughout
complying with the government policy and for the economic
†mvbvjx e¨vsK wcGjwm mviv †`‡k Zvi kvLv †bUIqvK© cÖwZôv development of the country. Geographically all important
K‡i‡Q| †fŠMwjKfv‡e †`‡ki mKj ¸iæZ¡c~Y© ¯’vbmn ‡`‡ki locations including all Upazillas, important places as well as
mKj Dc‡Rjv, `~ieZ©x MÖvgxY Rbc‡` †mvbvjx e¨vs‡Ki remote rural areas of the country have been brought under
kvLv †bUIqvK© we¯Í„Z| `yÕwU ê‡`wkK kvLvmn 2023 mv‡j the network coverage of the Bank. With the addition of two

†mvbvjx e¨vs‡Ki †gvU kvLvi msL¨v 1,232wU| 2wU ê‡`wkK overseas branches, total number of branches increased to
1,232 in 2023. Along with 2 foreign branches 727 branches
kvLvmn †`‡ki Af¨šÍ‡i MÖvgxY Rbc‡` 727wU Ges are located in rural areas and 503 branches in urban areas.
503wU kvLv kni AÂ‡j Aew¯’Z| cÖavb Kvh©vjqmn 88wU The overall functions of the branches are supervised and
cªkvmwbK Kvh©vj‡qi gva¨‡g kvLvmg~‡ni mvwe©K Kvh©µg monitored by 88 administrative offices. The administrative
Z`viwK Ges cwiPvjbv Kiv nq| cÖavb Kvh©vj‡qi Aax‡b structure comprises 47 divisions under Head Office in Dhaka;
18 General Managers Offices Dhaka-Central, Dhaka-North,
47wU wWwfkbmn, XvKv-†m›Uªvj, XvKv-DËi, XvKv-`wÿY, Dhaka-South, Chittagong, Khulna, Rajshahi, Barisal, Sylhet,
PÆMÖvg, Lyjbv, ivRkvnx, ewikvj, wm‡jU, iscyi, dwi`cyi, Rangpur, Faridpur, Mymensingh, Cumilla, Dinajpur, Bogura
gqgbwmsn, Kzwgjøv, w`bvRcyi, e¸ov I †bvqvLvjx‡Z 18wU and Noakhali; 69 Principal Offices located at different parts
wRGg Awdm, 69wU wcÖwÝcvj Awdm Gi mgš^‡q cÖkvmwbK of the country.
KvVv‡gv MwVZ|
AvšÍR©vwZK †bUIqvK© International Network
cÖevmx evsjv‡`kx‡ì ‡iwgU¨vÝ mviv †`‡k Zv‡ì SBPLC takes various initiatives to provide direct banking
DcKvi‡fvMx‡ì wbKU †cÖi‡Yi †ÿ‡Î †mvbvjx e¨vsK wcGjwm services and channel foreign remittance from the
expatriate Bangladeshis. The Bank’s subsidiary Sonali
wewfbœ ai‡Yi D‡`¨vM MÖnY K‡i‡Q| e¨vs‡Ki mn‡hvMx cÖwZôvb Bangladesh (UK) Limited and its 02 branches facilitate
†mvbvjx e¨vsjv‡`k (BD‡K) wjwg‡UW Zvi `yBwU kvLv wb‡q foreign trade and remittance channeling business.
hy³iv‡R¨ ê‡`wkK evwYR¨mn ê‡`wkK gy`ªv †cÖi‡Y mnvqZv Its subsidiary in USA, Sonali Exchange Company
K‡i Avm‡Q| GQvov hy³iv‡óª †mvbvjx G·‡PÄ †Kv¤úvbx Incorporated (SECI) with its 03(three) branches and 07
(seven) booths assists in channeling remittance to the
BbK‡c©v‡i‡UW (SECI) 03wU kvLv I 07wU ey_ wb‡q ê‡`wkK home country safely and swiftly. The Bank has also
gy`ªv wbivc‡` Ges `ªæZZg mg‡qi g‡a¨ †cÖi‡Y ¸iæZ¡cyY© f~wgKv Taka Drawing Arrangement (TDA) with other banks
cvjb K‡i Avm‡Q| Ab¨vb¨ e¨vsK Ges G·‡PÄ nvD‡Ri mv‡_ and exchanges so that people living abroad can send
†mvbvjx e¨vs‡Ki Taka Drawing Arrangement (TDA) their money through proper banking channel to the
beneficiaries in the country. Currently, there are 85
Av‡Q hv‡Z K‡i cÖevmx evsjv‡`kxiv Zv‡ì †cÖwiZ A_© e¨vswKs Taka Drawing Agency (TDA) with Banks and exchange
P¨v‡b‡ji gva¨‡g †`‡k Zv‡ì DcKvi‡fvMx‡ì wbKU †cÖiY companies of 14 countries scattered across the world.
Ki‡Z cv‡ib| eZ©gv‡b we‡k¦i 14wU †`‡ki e¨vsK/G·‡PÄ Besides, the Bank has extended customer services by
†Kv¤úvwbi mv‡_ 85wU Taka Drawing Arrangement establishing correspondent relationship with a total of
569 branches/ subsidiaries located in 93 countries in the
(TDA) Av‡Q| GQvov, K‡imc‡Û›U m¤ú‡K©i gva¨‡g we‡k¦i world. The correspondent relationship has significantly
93wU †`‡ki 569wU kvLv/mn‡hvMx ms¯’vi Øviv ê‡`wkK gy`ªv increased the Bank’s foreign exchange and trade
†`‡k †cÖi‡Yi eë¯’v Av‡Q| GB m¤ú‡K©i gva¨‡g e¨vs‡Ki business simultaneously.
ê‡`wkK gy`ªv Ges ê‡`wkK evwYR¨ e„w× cv‡”Q|
Avw_©K AšÍf©yw³KiY Financial Inclusion
miKv‡ii Avw_©K AšÍf©yw³KiY cÖKí Z¡ivwš^Z Kivi With a view to assisting the government in accelerating financial
inclusion program, SBPLC is working relentlessly to bring
Kv‡R mnvqZvi j‡ÿ¨ †mvbvjx e¨vsK wcGjwm Zvi wekvj
simple, poor and unbanked people under the coverage of
†bUIqv‡K©i gva¨‡g †`‡ki kni I MÖvgxY Rbc‡ì mvaviY, banking system with its enormous branch network in rural and
Mwie Ges e¨vswKs eë¯’vi evB‡ii RbMY‡K e¨vswKs †mevi urban areas. In SBPLC, total number of accounts under financial
AvIZvq Avbq‡bi Rb¨ wbijmfv‡e KvR K‡i hv‡”Q| 2023 inclusion program stands at 6,819,579 in 2023. Among them,
mv‡j e¨vs‡K Avw_©K AšÍf©yw³KiY cÖK‡íi AvIZvq †gvU the number of farmer’s accounts has reached to 1,541,939
wnmve msL¨v ùvwo‡q‡Q 68,19,579 wU| Gi g‡a¨ gvÎ 10 at the end of 31 December, 2023 by encouraging opening
UvKv Rgv`v‡bi gva¨‡g †Lvjv K…lK‡ì wnmve msL¨v n‡jv accounts of the farmers at an initial deposit of Tk. 10.00. As of
31 December 2023, the number of freedom fighters accounts,
15,41,939wU| 31 wW‡m¤î 2023 ZvwiL wfwËK gyw³‡hv×v
school going student’s accounts and accounts under social
wnmve, ¯‹zj QvÎ/QvÎx‡ì wnmve Ges mvgvwRK wbivcËv safety net programs are 324,168; 247,514 and 3,154,877
†e÷bxi AvIZvq wnmve msL¨v h_vµ‡g 3,24,168wU; respectively. A large segment of the population particularly the
2,47,514wU Ges 31,54,877wU| †`‡ki RbM‡Yi GKwU rural poor people, poor farmers, women entrepreneurs and
e„nr Ask we‡kl K‡i MÖvgxY Mwie RbMY, Mwie K…lK, bvix garments workers have got the access to banking services
D‡`¨v³v, †cvkvK kÖwgK G e¨vs‡Ki gva¨‡g e¨vswKs †mevi through SBPLC. Moreover, various innovative deposit products
my‡hvM cv‡”Q| AwaKš‘, myweav ewÂZ RbM‡Yi GKwU eo with lucrative interest rate and credit facilities with a relaxing rate
have been successfully launched to attract deprived segment
As‡ki Rb¨ AvKl©Yxq my‡ì AvgvbZ ‡cÖvWv±m& Ges FY ¯‹xg of population. Details have been presented in the “Report on
Pvjy Kiv n‡q‡Q hv Financial Inclusion cÖwZ‡e`‡b wek`fv‡e Financial Inclusion”.
Zz‡j aiv n‡q‡Q|

SONALI BANK PLC
Z_¨ cÖhyw³ Ges AbjvBb e¨vswKs †mevmg~n Information Technology and Online Banking Services
†mvbvjx e¨vsK wcGjwm mvd‡jï mv‡_ eZ©gv‡b evsjv‡`‡ki mePvB‡Z eo Sonali Bank PLC has successfully turned itself into the
largest online Bank in Bangladesh. Since inauguration
AbjvBb e¨vs‡K iƒcvšÍwiZ n‡q‡Q| 1989 mv‡j A‡Uv‡gk‡bi hvÎv ïiæi ci of the journey towards automation in 1989, Sonali Bank
†_‡K G ch©šÍe¨vs‡Ki ¯’vbxq 1230 wUi mKj kvLvq Bb‡U‡j± CBS AšÍfwz ©³i has become the largest online Bank in Bangladesh by
gva¨‡g Ab-jvBb Kvh©µg Pvjy K‡i evsjv‡`‡ki mePvB‡Z eo AbjvBb rendering online services through installing intellect CBS
software in all of its 1230 domestic branches. Moreover,
e¨vs‡K iƒcvšÍwiZ n‡q‡Q| GQvov m¤úªwZ MªvnK‡ì myweavi K_v we‡ePbv considering customer satisfaction, mobile apps ’’Sonali
K‡i ÔÔ†mvbvjx B-Iqv‡jUÕÕ, ÔÔ†mvbvjx B-†mevÕÕ, ÔÔweKvkÕÕ Gi gva¨‡g †jb‡`b e-wallet’’, ’’Sonali e-Sheba’’, and transaction with ’’bKash’’
Pvjy Kiv n‡q‡Q| Av‡iv Av‡Q GBPAviGgGm mdUIq¨vi, AviGgGm cøvm, has been introduced. The Bank also introduced HRMS
software, RMS Plus, NPSB, RTGS, BACH, BEFTN, Online
GbwcGmwe, AviwUwRGm, e¨vP, weBGdwUGb, Ab-jvBb miKvwi †jb‡`b, Govt. Transaction, Tax Software, Sonali Sheba, Pension
U¨v· mdUIq¨vi, †mvbvjx †mev, †cbkb cÖ`vb mdUIq¨vi, wmwmwUwf cÖwZ¯’vcb paying Software, CCTV installation etc. At present, 1230
CBS branches have been operating SMS banking service.
BZ¨vw`| eZ©gv‡b mKj kvLvq CBS Gi gva¨‡g MÖvnK‡ì e¨vswKs myweav cÖ`vb
Registered customers can get their account transaction
Kiv n‡”Q| wbewÜZ MÖvnKMY Zv‡ì wnmv‡ei †jb‡`b Ges e¨vjvÝ msµvšÍ Z_¨ and balance through SMS. These technology based
†gvevB‡j SMS Gi gva¨‡g Rvb‡Z cv‡ib| G mKj cÖhwy ³ wbf©iZv e¨vsKwU‡K solutions have placed our Bank in a reputable position
in terms of technological progression in the banking
e¨vswKs Lv‡Z cÖhwy ³MZ DbœwZi myL¨vwZi Avm‡b AwawôZ K‡i‡Q| industry.
Kj †m›Uvi Call Center
MÖvnK‡ì mve©ÿwYK e¨vswKs †mev cÖ`v‡bi wbwgË ivóªvqË¡ Sonali Bank has become the first bank among the
e¨vsKmg~‡ni g‡a¨ me©cÖ_g e¨vsK wn‡m‡e †mvbvjx e¨vsK state-owned banks to launch Call Center on 15th March
2023 and is providing round the clock banking services
weMZ 15 gvP© 2023 Zvwi‡L Kj †m›Uvi Pvjy K‡i| to the customers. Sonali Bank Call Center number is
e¨vs‡Ki Kj †m›Uv‡ii b¤î 16639 (we‡`k n‡Z +88 16639 (from abroad +88 09610016639). At present,
09610016639)| eZ©gv‡b 40 Rb G‡R‡›Ui gva¨‡g 24/7 call center operations are running through the clock
wZb wkd‡U Kj ‡m›Uv‡ii Kvh©µg Pjgvb i‡q‡Q| by 40 agents.
†mvbvjx B †mev I †mvbvjx B-Iqv‡jU Sonali eSheba and Sonali e-Wallet
2020 mv‡j †KvwfW 19 AwZgvwi PjvKvjxb mg‡q †mvbvjx During the COVID 19 pandemic in 2020, for the
e¨vsK wcGjwm †`k I RbM‡Yi †jb‡`‡bi myweav‡_© ÔÔ†mvbvjx welfare of the country and the mass people, Sonali
Bank introduced ’’Sonali eSheba’’ through which the
B-†mevÕÕ Pvjy K‡i hvi gva¨‡g MÖvnKiv Lye mn‡R N‡i e‡mB clients can open accounts even from their home.
GKvD›U Lyj‡Z I cwiPvjbv Ki‡Z cv‡i| GiB avivevwnKZvq As a continuous process, the bank also introduced
cieZ©x‡Z ÔÔ†mvbvjx B-Iqv‡jUÕÕ Pvjy Kiv nq| Gi gva¨‡g ’’Sonali e-Wallet’’ which helps the clients to make
MÖvnKiv †h‡Kvb mgq †h‡Kvb wnmv‡e †jb‡`bmn wewfbœ wej, transactions to any accounts, pay the bills and taxes
etc.
cixÿvi wd, U¨v·mn wewfbœ †jb‡`b m¤úbœ Ki‡Z cv‡i|
Blaze Blaze
`wÿY Gwkqvi g‡a¨ cÖ_g †`k wn‡m‡e evsjv‡`k cÖevmx‡ì Aiming to attract remittances, Sonali Bank launched
Rb¨ Blaze bvgK GKwU µm eW©vi †c‡g›U †bUIqvK© Pvjy Kiv a cross border payment network called “Blaze”.
Through Blaze, expatriates can send money from
n‡q‡Q hvi gva¨‡g cÖevmxiv we‡k¦i †h‡Kv‡bv †`k n‡Z gvÎ 5 abroad to accounts of Sonali Bank and other 36
†m‡K‡Û †mvbvjx e¨vsKmn †gvU 36wU e¨vs‡Ki wnmv‡e A_© banks in just 5 seconds.
†cÖiY Ki‡Z cvi‡Qb|
Skrill Skrill
wd«j¨vÝvi‡ì AvnwiZ A_© mn‡R I wbivc‡` ‡`‡k Avbq‡bi To receive the earnings of the Freelancers easily and
j‡ÿ¨ mv¤úªwZK mg‡q hy³ivR¨wfwËK †Møvevj Iqv‡jU Skrill safely, Sonali Bank PLC has made an agreement with
an UK based global wallet “Skrill”. This Channel has
Gi mv‡_ Pzw³ m¤úv`b Kiv n‡q‡Q| wd«j¨vÝvi‡ì wbKU GB widely been appreciated by the Freelancers and they
Skrill †ek mgv`„Z n‡q‡Q Ges Zviv G P¨v‡b‡ji gva¨‡g are using it quite easily.
wbqwgZ A_© †cÖiY Ki‡Qb|

†mvbvjx ‡c‡g›U †MUI‡q Sonali Payment Gateway (SPG)
e¨vs‡Ki wbR¯^ mdUIq¨vi †mvbvjx †c‡g›U †MUI‡q eënvi Students/parents of more than 400 schools and
colleges and clients of different government/
K‡i Pvi kZvwaK ¯‹yj K‡j‡Ri wkÿv_©x/ AwffveKMY Ges private organizations have been paying tuition
miKvwi/†emiKvwi wewfbœ cÖwZôv‡bi MÖvnKMY N‡i e‡m fee/ fees/ charges through online from home
AbjvB‡b dvÛ U&ªvÝdvi (†mvbvjx e¨vs‡Ki wnmveavix), using the Bank’s own software “Sonali Payment
†mvbvjx e¨vs‡Ki †WweU/†µwWU/wcÖ‡cBW KvW©, †h‡Kv‡bv Gateway” by transferring funds (Sonali Bank
account holders), Sonali Bank Debit/Credit/
e¨vs‡Ki †WweU/†µwWU KvW©, †b·vm KvW©, weKvk, i‡KU, Prepaid Card, Debit/Credit Card of Any Bank,
BDK¨vk BZ¨vw` †c‡g›U c×wZi gva¨‡g †eZb, wd, PvR© Nexus Card, bKash, Rocket, Ucash etc. payment
cwi‡kva Ki‡Z mÿg n‡”Qb| methods.
AbjvBb wWwWwc †c‡g›U wm‡÷g Online DDP Payment System
†mvbvjx e¨vsK wcGjwm KZ©K

„ evsjv‡`k miKvix Kj¨vY †ev‡W©i Sonali Bank PLC has introduced an automated system
called Online DDP Payment System since November
Aax‡b jÿvwaK miKvix Kg©Pvix‡ì Kj¨vb fvZv (wWwWwc)
2022 to pay the Welfare Allowance (DDP) of Government
cwi‡kva Gi j‡ÿ¨ b‡f¤î 2022 n‡Z AbjvBb wWwWwc †c‡g›U employees under the Bangladesh Employees Welfare
wm‡÷g bv‡g GKwU ¯^qswµq †m‡÷g Pvjy Kiv n‡q‡Q| Board.
miKvwi Pvjvb c×wZ Government Transaction System (GTS)

miKvwi †jb‡`b wm‡÷g (GTS) bvgxq B›Uvi‡bU wfwËK “Government Transaction System” GTS software/
bZzb PvjyK…Z GKwU mdUIq¨vi Gi gva¨‡g e¨vs‡Ki 735wU program has been introduced in 735 Treasury branches
of the Bank to capture all government transactions. To
kvLvq miKvwi mKj †jb‡`b m¤úbœ Kiv n‡”Q| ¯^”QZv I
ensure transparency and accountability, the Bank has
Revew`wnZv wbwðZ Kivi Rb¨ m¤úªwZ e¨vs‡K ÔAbjvBb also introduced “Online Chalan Verification”.
Pvjvb †fwiwd‡KkbÕ Pvjy Kiv n‡q‡Q|
¯^qswµq Pvjvb c×wZ Automated Challan System (ACS)
†mvbvjx e¨vs‡Ki mKj kvLvq ¯^qswµq Pvjvb c×wZ (Automated Automated Challan System (ACS) has been introduced
Challan System-ACS) G-Pvjvb Gi gva¨‡g Pvjvb MÖnY Kvh©µg Pvjy in all branches of the Bank. Through this system,
deposited amount of clients are settled realtime and
Kiv n‡q‡Q| Gi gva¨‡g MÖvn‡Ki A_© Real-time Gross Settlement reflected in Government’s Treasury Single Account
(RTGS) cÖhwy ³ eënvi K‡i wi‡qjUvBg wfwË‡Z miKv‡ii Treasury (TSA) using the Real-time Gross Settlement (RTGS)
technology. As a result, no mismatch of accounts
Single Account (TSA) †Z Rgv nq Ges miKvwi wnmv‡e cÖwZdwjZ
is occurred between the National Board of Revenue
nq| d‡j RvZxq ivR¯^ †evW© Ges A_© wefv‡Mi g‡a¨ wnmv‡ei Awgj and Finance Division.
_v‡K bv|
evsjv‡`k B‡jKUªwbK dvÛ UªvÝdvi †bUIqvK© (weBGdwUGb) Bangladesh Electronic Fund Transfer Network (BEFTN)
e¨vs‡Ki mKj kvLvq mdjfv‡e evsjv‡`k B‡jKUªwbK dvÛ The Bank has successfully implemented Bangladesh Electronic
Fund Transfer Network (BEFTN) system in all the branches.
UªvÝdvi †bUIqvK© (BEFTN) wm‡÷g Pvjy i‡q‡Q|
†iwgU¨vÝ g¨v‡bR‡g›U wm‡÷g Remittance Management SystemPlus(RMSPlus)
†iwgU¨vÝ g¨v‡bR‡g›U wm‡÷g (RMSplus) e¨vs‡Ki wbR¯^ A web based software, developed in-house named
“Remittance Management SystemPlus (RMSPlus)”, has
D™¢vweZ GKwU I‡qe mvBU wfwËK mdUIq¨vi| GwU eZ©gv‡b been introduced in 1230 branches for receiving foreign
†`kxq 1230wU kvLvq ‰e‡`wkK I †`kxq †iwgU¨vÝ MÖnY/ remittance and receiving and making payment of Inland/
cÖ`v‡bi †iwgU¨vÝ Avbq‡bi gva¨g wn‡m‡e eëüZ n‡”Q| Local remittance.
ûB‡mj †eøvqvi Whistle Blower

m¤úªwZ †mvbvjx e¨vsK wcGjwm evsjv‡`‡ki e¨vswKs †m±‡i me©c_Ö g Recently Sonali Bank PLC has introduced “Whistle
ÒûB‡mj †eøvqvi cwjwmÓ cÖeZ©b K‡i| e¨vs‡Ki mKj Kg©KvÛ Blower Policy’’ for the first time in the banking history of
Bangladesh. Certainly it is very important and bold decision
`ybx© wZgy³ ivLv Ges ï×vPvi cÖwZôvq G cwjwm AZ¨šÍ ¸iæZ¡cY~ ,©

SONALI BANK PLC
mg‡qvc‡hvMx Ges mvnmx GKwU c`‡ÿc| ûB‡mj †eøvqvi cwjwm in implementing national integrity and for corruptionless
banking activities. An Ombudsman has important role in
ev¯Íevq‡b b¨vqcvj ¸iæZ¡cY~ © f~wgKv cvjb K‡i _v‡Kb|
implementing Whistle Blower Policy properly.
MÖxb wdb¨vÝ Green Finance

Rjevqy cwieZ©b me©‡kl `k‡K Sywu Kc~Y© Riæwi wel‡q cwiYZ n‡q‡Q As climate change has become the burning question
over the last decade, management is fully aware of
weavq †mvbvjx e¨vsK eë¯’vcbv G wel‡q mg¨Kfv‡e mRvM i‡q‡Q
the risk and also taking necessary steps to have an
Ges cÖZ¨vwkZ djvd‡ji Rb¨ cÖ‡qvRbxq eë¯’v MÖnY K‡i‡Q| optimistic outcome on this issue. Complying with
evsjv‡`k e¨vs‡Ki MÖxb e¨vswKs bxwZgvjv cwicvjb K‡i †mvbvjx Bangladesh Banks’ green banking policy, SBPLC is
e¨vsK cwi‡ek evÜe cÖK‡í A_©vqb Ki‡Q hv‡Z cwi‡ekMZ fvimvg¨ financing environment friendly projects (such as
renewable energy projects, clean water supply projects,
weivR K‡i| c‡ivÿfv‡e MÖxb dvBb¨v‡Ýi †ÿ‡Î e¨vsK Ggb me
waste treatment plant, solid waste disposal plant etc.) to
cÖK‡í A_©vqb Ki‡Q †hLv‡b BwUwc Ges †mŠi we`ÿr i‡q‡Q| GQvov ensure ecological balance. For indirect Green Finance,
e¨vs‡Ki wbR¯^ D‡`¨vM Ò†mvbvjx Av‡jvÓ Gi gva¨‡g cvewjK I Bank is funding such projects which have ETP and
cÖvB‡fU †m±‡ii cÖKímgy‡n mn‡hvwMZv K‡i Avm‡Q| B‡Zvg‡a¨ Solar Panel. “Sonali Alo” is the Bank’s initiative intended
to align its efforts with the initiatives being undertaken
e¨vs‡Ki ¯’vbxq 1230wU kvLvi me¸‡jv‡ZB Bb‡U‡j± Ò†Kvi
by both public and private sectors. Moreover, CBS has
e¨vswKs mwjDkb (CBS)Ó ev¯Íevqb K‡i‡Q| †mvbvjx e¨vsK wcGjwm been installed in all 1230 domestic branches of the
cwi‡ekMZfv‡e ÿwZKi cÖKímgy‡n A_©vqb‡K wbiærmvwnZ K‡i| bank. Sonali Bank is ethically not bound to finance to
any environmentally harmful project.
Bmjvgx e¨vswKs Islamic Banking
mv¤úªwZK mg‡q AwR©Z RbwcÖqZvi Kvi‡Y †mvbvjx e¨vsK SBPLC is giving priority on Islamic Banking because
of its recent popularity in the banking sector. Primarily
wcGjwm Bmjvgx e¨vswKs‡K †ek ¸iæZ¡ w`‡”Q| 29 Ryb 2010 Zvwi‡L
Islamic Banking was launched successfully with separate
cÖv_wgKfv‡e 5wU kvLvq DB‡Ûvi gva¨‡g Bmjvgx e¨vswKs Kvh©µg windows in 5 branches on 29 June 2010. Subsequently,
Pvjy Kiv nq| cieZ©x‡Z e¨vs‡Ki kixqvn mycvifvBRix KwgwU as per decision of Shariah Supervisory Committee of the
KZ©K„ 64wU †Rjvq Bmjvgx e¨vswKs †mev Qwo‡q †`qvi wm×všÍ Bank, Islamic banking window has been launched in
†gvZv‡eK evsjv‡`k e¨vs‡Ki Aby‡gv`b mv‡c‡ÿ 2019 mv‡j 6wU another 6 branches in 2019 and 47 branches in 2020
kvLvq Ges 2020 Av‡iv 47wU kvLvq G Kvh©µg Pvjy Kiv nq| with the approval of Bangladesh Bank. At present, 58
eZ©gv‡b e¨vs‡Ki 58wU kvLvq ÓAvevwej BmjvwgK †Kvi e¨vswKs Islamic windows of the Bank are running through “Ababil
Islamic Core Banking Solution”.
mwjDkbÓ Gi gva¨‡g Bmjvgx e¨vswKs Kvh©µg cwiPvwjZ n‡”Q|
Credit Rating
†µwWU †iwUs
evsjv‡`k e¨vs‡Ki wb‡`©kbv Abyhvqx †mvbvjx e¨vsK wcGjwm As per Bangladesh Bank’s mandatory requirement,
Gi †µwWU †iwUs Kvh©vw` †µwWU †iwUs Bbdi‡gkb mvwf©‡mm the credit rating of SBPLC was done by the Credit
Rating Information and Services Limited (CRISL) on
wjwg‡UW KZ…©K m¤úbœ Kiv n‡q‡Q| me©‡kl 31 wW‡m¤î the audited Balance Sheet of 31 December, 2022
2022 ZvwiL wfwËK e¨vs‡Ki wbixwÿZ Avw_©K weeiYxmg~n I and other relevant information. The rating agency
Ab¨vb¨ Z‡_ï wfwË‡Z GB †iwUs m¤úbœ Kiv n‡q‡Q| DwjøwLZ awarded the following ratings:
†iwUs G‡RwÝ KZ…©K wb‡¤œv³ †iwUs cÖ`vb Kiv n‡q‡Q t
Ryb 2024 ch©šÍ Ryb 2023 ch©šÍ Upto June 2024 Upto June 2023
ch©‡eÿb †iwUs `xN© ¯^í `xN© Surveillance Rating Long Short Long Short
†gqv` †gqv` †gqv` ¯^í †gqv` Term Term Term Term
miKvwi c„ô‡cvlK e¨vsK wn‡m‡e AAA ST-1 AAA ST-1 As Government AAA ST-1 AAA ST-1
Supported Bank
cÖvB‡fU Kgvwk©qvj e¨vsK wn‡m‡e A+ ST-2 A+ ST-2 As Private Commercial Bank A+ ST-2 A+ ST-2
Ae¯’v w¯’wZkxj w¯’wZkxj Outlook Stable Stable
cl©` Ges Ab¨vb¨ KwgwUi mfvmg~n Board and Other Committee Meetings
2023 mv‡j e¨vs‡Ki cwiPvjbv cl©‡ì †gvU 49wU cl©` mfv A total of 49 Board meetings of the Bank were held during
the year 2023. Besides, 06 meetings of Board Executive
AbywôZ n‡q‡Q| GQvov, 2023 mv‡j cwiPvjbv cl©‡ì wbe©vnx
Committee, 10 meetings of Board Audit Committee, 08
KwgwUi 06wU mfv, cl©` wbixÿv KwgwUi 10wU mfv, cl©` meetings of Board Risk Management Committee and 01
SuzwK eë¯’vcbv KwgwUi 8wU mfv Ges kixqvn mycvifvBRix meeting of Shariah Supervisory Committee were held
KwgwUi 01wU mfv AbywôZ n‡q‡Q| during the year under review.

2023 mv‡j e¨vs‡Ki cÖavb cÖavb Kvh©µgmg~n BANK’S MAIN ACTIVITIES DURING 2023
ev‡RU-2023 Budget 2023
e¨vs‡Ki cwiPvjbv cl©` KZ…K© 2023 mv‡ji evwl©K ev‡RU The Bank’s ‘Annual Budget’ comprising capital budget
(g~jabx ev‡RU I ivR¯^ ev‡RU) Aby‡gvw`Z nq| ivR¯^ I and revenue budget for the year 2023 was approved by
the Board of Directors. The budget provision vis-a-vis
g~jabx ev‡R‡Ui Aax‡b †gvU ev‡RU eivÏ I cÖKZ
… AR©b wb‡¤œ the actual out turn under Capital and Revenue heads are
Dc¯’vcb Kiv n‡jv t shown below:
g~jab I ivR¯^ ev‡R‡Ui cÖK…Z ZzjbvgyjK wPÎ Capital and Revenue Budget along with actual performance
(wgwjqb UvKvq) (Tk. in million)
µtbs 2022 ev‡RU 2022 cÖK…Z Sl. No Budget Head 2023 Budget 2023 Actual
ivR¯^ Revenue
109852.40 119721.60 109852.40 119721.60
01 (K) Avq 01. (a) Income
79852.40 81259.70 (b) Expenditure 79852.40 81259.70
(L) e¨q
g~jab Capital
0.00 0.00 0.00 0.00
02 (K) Avq 02. (a) Income
2770.00 627.80 2770.00 627.80
(L) e¨q (b) Expenditure
wkí A_©vqb INDUSTRIAL FINANCE

A_©‰bwZK jÿ¨gvÎv AR©b Ges miKvwi bxwZ ev¯Íevq‡bi gva¨‡g With a view to achieving economic goals and accelerating
wkí Dbœq‡b MwZ mÂv‡ii j‡ÿ¨ †mvbvjx e¨vsK wcGjwm KZ©K „ the pace of industrial development through implementation
of government policies, SBPLC has disbursed a total of Tk.
2023 mv‡j wkí Lv‡Z †gvU 7,265.40 wgwjqb UvKv †gqv`x
7,265.40 million for term and working capital loans and
I PjwZ g~jab FY weZiY Ges †Ljvcx FY n‡Z 6,249.90 recovered Tk. 6,249.90 million against classified loans in
wgwjqb UvKv Av`vq Kiv nq| bZzb wkí ¯’vcb Ges we`¨gvb 2023. The loans were provided for establishment of new
wkí‡K m¤úªmvi‡Yi j‡ÿ¨ Gme A_©vqb Kiv nq| wkí cÖKí industrial units and also for expansion (BMRE) of existing
potential units to expand the industrial base in the country.
A_©vqb wefv‡Mi gva¨‡g mve©ÿwYKfv‡e wjR dvBbvwÝsmn Ab¨vb¨ Credit facilities/disbursement activities under Industrial Project
FY weZiY cÖwµqv cwiPvjbv Kiv nq| MYcÖRvZš¿x evsjv‡`k Financing Division is being continuously carried out through
miKvi cwiPvwjZ GKgvÎ dvg©vwmDwUK¨vjm †Kv¤úvwb G‡mbwmqvj various Industrial Credit Products/programs including Lease
WªvMm †Kv¤úvwb wjwg‡UW Gi AbyK‡~ j 1,000.00 wgwjqb UvKv Financing. The Bank sanctioned working capital of Tk.
1,000.00 million to Essential Drugs Company Limited, the
PjwZ g~jab FY wn‡m‡e gÄyix †`qv nq| GQvov D‡jøwLZ mg‡q only pharmaceuticals company run by the government
11,749.00 wgwjqb UvKv PjwZ g~jab FY bevqb Kiv nq| Gfv‡e of Bangladesh. Moreover, Tk. 11,749.00 million has been
e¨vsK DwjøwLZ FY gÄy‡ii gva¨‡g 2023 mv‡j D‡jøL‡hvM¨ msL¨K renewed by the Bank during this period. Thus, the bank
†jv‡Ki Kg©ms¯’v‡bi my‡hvM m„wó K‡i‡Q| wkí A_©vq‡bi G mKj has created employment opportunities by sanctioning the
above loans to various industrial units in the year 2023. These
Kvh©µg †`‡ki wRwWwc cÖew„ ×‡Z D‡jøL‡hvM¨ f‚wgKv ivL‡e| financing activities will contribute towards GDP growth
.
BBS Cables Financed by SBPLC Tamijuddin Textile Mills Limited Financed by SBPLC
2023 mv‡j wmGgGmGgB A_©vqb Kg©m¤úv`b Performance in CMSME Finance 2023

Sonali Bank PLC emphasizes on CMSME loans to alleviate
evsjv‡`‡ki `vwi`ª `~ixKiY, 2030 mv‡ji g‡a¨ †UKmB A_©‰bwZK poverty, for achieving the Sustainable Development
Dbœq‡bi Afxó jÿ¨ AR©b, †gvU RvZxq Drcv`‡b Ae`vb, Goals (SDGs) within 2030, contributing in the GDP,
Kg©ms¯’v‡bi my‡hvM m„wó Ges bvix cyiæ‡li mgZv I bvixi ÿgZvq‡bi creating employment facility and also for women

SONALI BANK PLC
j‡ÿ¨ wmGgGmGgB Kg©mP~ xi AvIZvq AMÖvwaKvi wfwË‡Z K‡UR, empowerment in Bangladesh. Under this sector, the
Bank extended the loan facility to the Cottage, Micro,
gvB‡µv, ÿz`ª I gvSvwi (wmGgGmGgB) D‡`¨v³v‡ì‡K †mvbvjx Small and Medium (CMSME) entrepreneurs.
e¨vsK wcGjwm mnR k‡Z© FY w`‡q _v‡K|
1) The Government of Bangladesh declared a
1) b‡fj K‡ivbv fvBivm Gi cÖv`yfv© ‡ei Kvi‡b cÖwZKzj
financial assistance package of Tk. 200.00
A_©‰bwZK cÖfve †gvKv‡ejvq evsjv‡`k miKvi Gi thousand million on 05 April 2020 to encounter
gvbbxq cÖavbgš¿x KZ©K
„ 05 GwcÖj 2020 Zvwi‡L 200.00 the negative impact on the economy due to
(`yBkZ) nvRvi wgwjqb UvKvi Avw_©K mnvqZv/cÖ‡bv`bv COVID 19 Corona Virus. Under this package,
Sonali Bank PLC disbursed Tk. 4,200.00 million
c¨v‡KR †NvlYv Kiv nq| D³ c¨v‡K‡Ri AvIZvq cÖ_g
against the stipulated target of Tk. 4,121.70 million
ch©v‡q (2020-21) G e¨vs‡Ki Rb¨ wba©vwiZ jÿ¨gvÎv at the first stage (2020-21) and at the second stage
4,121.70 wgwjqb UvKvi wecix‡Z 4,200.00 wgwjqb (2021-2022) disbursed Tk. 5,400.00 million while
UvKv, wØZxq ch©vq (2021-22) Gi wba©vwiZ jÿ¨gvÎv the target was Tk. 5,000.00 million. The third
stage of this package is still running and the Bank
5,000.00 wgwjqb UvKvi wecix‡Z 5,400.00 wgwjqb
has also disbursed Tk. 5,200.00 million till June
UvKv Ges Z„Zxq ch©vq (2022-23) G Ryb 2023 ch©šÍ 2023.
5,200.00 wgwjqb UvKv FY weZiY Kiv nq|
2) †`‡ki Sustainable Development Goals (SDGs) 2) To ensure Sustainable Development Goals (SDGs),
a project on “One Branch One Month One new
Z_v †UKmB A_©‰bwZK Dbœqb wbwð‡Z bZzb D‡`¨v³v
Entrepreneur’’ had been launched since 2014
m„wói K‡i FY cÖevn e„w×i j‡ÿ¨ 2014 mvj †_‡K ÒGKwU to increase loan flow through creating new
kvLv GKwU gvm GKwU bZzb D‡`¨v³v Kg©mw~ PÓ Pvjy Kiv entrepreneurs. Under this project, Tk. 57,291.30
n‡q‡Q| GB Kg©mw~ Pi AvIZvq 2023 mvj ch©šÍ †gvU million has been disbursed to a total of 149,985
149,985 Rb wmGgGmGgB D‡`¨v³vi wecix‡Z me©‡gvU CMSME entrepreneurs till 2023.
57,291.30 wgwjqb UvKv FY weZiY Kiv n‡q‡Q|
3) Ò†mvbvjx Av‡jvÓ cÖK‡íi AvIZvq cwi‡ek evÜe MÖxb 3) A total of Tk. 76.30 million has been disbursed
e¨vswKs (†mvjvi GbvwR© Ges ev‡qv M¨vm cø¨v›U) Lv‡Z to the environment friendly green sectors (solar
energy and bio-gas plant) under “Sonali Alo” project
G ch©šÍ 1280 Rb MÖvn‡Ki AbyK~‡j e¨vsK me©‡gvU cÖvq and total number of clients has stood at 1,280.
76.30 wgwjqb UvKv weZiY K‡i‡Q|
4) e¨vs‡K Òbvix D‡`¨v³v Dbœqb BDwbUÕÕ ¯’vcb Kiv n‡q‡Q Ges 4) ’’Women Entrepreneurs Development Desk’’ has
been established in the bank and Brochure ’’Nipuna’’
bvix D‡`¨v³v‡ì Rb¨ wmGgGmGgB F‡Yi ‰ewkó¨ I my‡hvM
is being distributed to the women entrepreneurs
myweav e¨vcKfv‡e cÖPv‡ii j‡ÿ¨ eªæwkDi ÒwbcybvÕÕ gy`Yª K‡i to inform the facilities of the scheme ”CMSME”. In
gvV ch©v‡q weZiY Kiv n‡”Q| 2023 mvj ch©šÍ G Lv‡Z this project, the Bank has disbursed Tk. 10,596.90
weZiYK…Z F‡Yi cwigvY 10,596.90 wgwjqb UvKv| million till 2023.
5) GQvov K¬v÷vi m„wói gva¨‡g 2023 mvj ch©šÍ 5645 Rb 5) Moreover, Tk. 265.00 million has been disbursed
to 5645 clients in ‘’Cluster’’ financing of the Bank
FYMÖnxZvi AbyK~‡j cÖvq 265.00 wgwjqb UvKv weZiY
till 2023.
Kiv n‡q‡Q|
6) wW‡m¤î 2023 ch©šÍ GmGgB F‡Yi cwigvY ùvwo‡q‡Q 6) Total outstanding volume of SME credit has stood
at Tk. 149,378.60 million till 2023 which is 14.82%
149,378.60 wgwjqb hv e¨vs‡Ki †gvU F‡Yi 14.82%|
of total loan of the bank. Overall CMSME activities
mvgwMªKfv‡e evsjv‡`k e¨vs‡Ki wb‡`©kvejx Abyhvqx fwel¨‡Z will be geared up according to Bangladesh Bank’s
e¨vs‡Ki wmGmGmGgB Kvh©µg Av‡iv †eMevb n‡e| guideline.
K…wl/cjøx FY Agricultural / Rural Credit

At present, 11 credit programs namely Special Agricultural
eZ©gv‡b G e¨vs‡K 11 wU K…wl/cjøx FY cÖKí Pvjy Av‡Q †hgb
Credit (SACP), Sugarcane Cultivation Credit, Pond Fisheries
-we‡kl K„wl FY, Cÿz Pvl FY, cyK‡z i grm¨ Pvl FY, we‡kl Credit, Special Investment, Farming Credit, Non-crop
wewb‡qvM, K…wl FY, kl¨wenxb Addvwg©s FY, mvgvwRK ebvqb Off-farming Credit, Social Forestry Credit and Refinance
FY, `y» Drcv`b, K…wÎg cªRbb Ges K„wl cybtA_©vqb FY| scheme for Agricultural, Milk Production and Artificial
Insemination, are being run by the Bank with a view to
G¸‡jvi g~j jÿ¨ n‡jv K…wl Drcv`b e„w× Kiv, Kg©ms¯’v‡bi
augmenting agricultural output, creating employment
my‡hvM m„wó Kiv Ges MÖvgxY Rb‡Mvwôi DcvR©b e„w× Kiv| G opportunities and generating income of the rural people.
SBL intensified its efforts to extend credit facilities to all

e¨vsK K…wlR Ges AK…wlR Lv‡Z FY cÖ`vb Kvh©µg Av‡iv sections of rural population under those various rural
credit programs pertaining to agricultural and off-farming
†Rvi`vi K‡i‡Q| evsjv‡`k e¨vs‡Ki wb‡`©kbv Abyhvqx †mvbvjx activities. As per Bangladesh Bank’s instruction, Sonali Bank
e¨vsK wcGjwm K…wl/cjøx F‡Y 4% †_‡K 10% mij my‡` PLC has been providing Agricultural/Rural Credit ranging
FY weZiY K‡i _v‡K| ZvQvov Wvj, ˆZjexR, gmjv, fzÆv from 4% to 10% with simple interest rate. Loans are being
Pv‡li Rb¨ K…lK‡ì‡K Ges `y» Drcv`b I K…wÎg cªRbb disbursed among the rural farmers for cultivation of pulses,
oil seed, spices and maize at 4% and at 5% interest rate
cybtA_©vq‡bi †ÿ‡Î 4% †_‡K 5% my‡` FY weZiY Kiv nq| for Refinance scheme for Milk Production and Artificial
31 wW‡m¤î 2023 wfwËK K…wl/cjøx FY Lv‡Z F‡Yi w¯’wZ Insemination. Total outstanding of agricultural loan stood
ùvwo‡q‡Q 70,520.70 wgwjqb UvKv| at Tk. 70,520.70 million as on 31 December, 2023.
ÿy`ª FY Micro Credit
`vwi`ª we‡gvPb, AvZ¥Kg©ms¯’vb m„wó I MÖvgxY Av_©-mvgvwRK The role of micro-credit is widely acclaimed as an
effective tool for poverty alleviation, self-employment
Dbœq‡b ÿy`ª F‡Yi f‚wgKv wekê¨vcx ¯^xK…Z I cÖkswmZ| generation and rural economic development. The
Kv‡RB e¨vsK ÿz`ª FY Kvh©µg‡K Av‡iv MwZkxj I Kvh©Ki Bank has, therefore, been trying its best to provide
fv‡e cwiPvjbvi j‡ÿ¨ me©vZ¡K cÖ‡Póv Pvwj‡q hv‡”Q| eZ©gv‡b funding support to this sector. At present, 22 projects/
`vwi`ª `~ixKi‡Y e¨vs‡Ki 22wU ÿz`ª FY Kg©m~wP i‡q‡Q| programs aimed at alleviating poverty are being run
by the Bank. Bank-NGO Linkage Wholesale Credit
D³ Kg©m~wPi g‡a¨ e¨vsK-GbwRI wjs‡KR †nvj‡mj FY Program (Bank’s own fund)-launched all over the
Kg©m~wP (e¨vs‡Ki wbR¯^ Znwej) Ges AvšÍR©vwZK K…wl DbœqY country and International Fund for Agricultural
Znwej (IFAD) Gi A_©vq‡b †`‡ki `wÿY cwðgvÂ‡j grm¨ Development (IFAD) funded Agricultural Development
Dbœqb cÖKí Ges gqgbwmsn, Rvgvjcyi I †kicyi AÂ‡j Project in the South West region of the country and
Small holder Agricultural Improvement Project in
¯§j †nvìvi GwMÖKvjPvivj BgcÖæf‡g›U cÖ‡R± (MJS-SAIP) Mymensingh, Jamalpur & Sherpur are the main
Ab¨Zg| GQvovI i‡q‡Q weAviwWwe-BDwmwmG Gi gva¨‡g programs among them. Besides these, there are
cwiPvwjZ wewfbœ FY, 152wU Dc‡Rjvq GwWwei A_©vq‡b different types of credit through BRDB-UCCA, ADB
cjøx RxweKvqb cÖKí, `vwi`ª we‡gvPb mnvqZv FY Kg©m~wP, financed Rural Livelihood Project (RLP) in 152 Upazilas,
Daridra Bimochan Shahayata Rin Karmasuchi, Rural
MÖvgxY ÿz`ª eëmv Ges ÿz`ª Lvgvi FY Kg©m~Px cÖf…wZ| Small Business and Small Farming Loan Scheme etc.
knivÂ‡ji gwnjv‡ì Rb¨ Credit for Urban Women Under the coverage of the project titled “Credit
Micro Enterprize development (CUMED) wk‡ivbv‡g for Urban Women Micro Enterprise Development
(CUMED)” project, loans up to Tk. 0.50 million
eZ©gv‡b wmwU K‡cv©‡ikb/‡cŠimfv/‡cŠimfvwenxb Dc‡Rjv without any collateral are being disbursed in all City
kn‡ii kvLvmg~‡ni gva¨‡g webv Rvgvb‡Z 0.50 wgwjqb Corporations/ Metropolitan/ Upazilla branches.
UvKv ch©šÍ FY ‡`qv n‡”Q|
Micro Credit in Bangladesh

SONALI BANK PLC
GQvovI mviv‡`‡k ÿy`ª D‡`¨v³v Dbœqb FY Kg©mw~ P ÔD‡b¥lÕ Pvjy Besides, the Micro Entrepreneur Development Credit
Kiv n‡q‡Q| Z`ycwi MÖvgxY bvix‡ì‡K ¯^vej¤^x K‡i Zzj‡Z Program “Unmesh” has been rolled out all over the
country. Moreover, in order to make the rural women
ÔRv‡Mv bvix MÖvgxY FYÓ bv‡g e¨vs‡K bZzb GKwU FY Kg©mP~ x self-reliant, the Bank has introduced a new loan
Pvjy Kiv n‡q‡Q| e¨vsKwU mviv‡`‡k 250wU MÖvgxY kvLvq program named “Jago Nari Grameen Rin” through 250
25,000/- UvKv ch©šÍ RvgvbZwenxb FY cÖ`vb Ki‡Q| rural branches all over the country with an amount of
collateral-free loan up to Tk. 25,000.00.
AveZ©bkxj cybtA_©vqb Znwej (Revolving Refinance Sonali Bank PLC has signed an agreement with
Scheme) Gi cybtA_©vqb myweav MÖnY Kivi Rb¨ evsjv‡`k Bangladesh Bank for Tk. 600.00 million under Revolving
Refinance Scheme. In this program, credit facilities with
e¨vsK I †mvbvjx e¨vsK wcGjwm Gi g‡a¨ 600.00 wgwjqb subsidized interest rate extended to small, marginal and
UvKvi GKwU AskMÖnYg~jK Pzw³bvgv ¯^vÿwiZ n‡q‡Q| D³ landless farmers and traders of Tk. 10/50/100 account
Kg©mw~ Pi AvIZvq 10/50/100 UvKvi wnmveavix ÿz`/ª cÖvwšÍK/ f~wgnxb holders under inclusive banking.
K…lK Ges ÿz`ª eëmvqx‡ì mvkÖqx my‡` e¨vsK FY cÖ`vb K‡i _v‡K|
m¤úªwZ †mvbvjx e¨vsK wcGjwm ¯‹zjMvgx QvÎ/ QvÎx‡ì Rb¨ SBPLC has recently launched low interest bearing loan
program named “Bicycle Loan Scheme for School Going
ÔevBmvB‡Kj FY Kg©m~wPÕ bv‡g ¯^í my‡ì GKwU FY Kg©m~Px Students”. This program has already been circulated
Pvjy K‡i‡Q| ¯’vbxq Kvh©vjq Ges K‡c©v‡iU kvLv e¨ZxZ in all branches of Sonali Bank except Local Office
and all corporate branches. This collateral free newly
e¨vs‡Ki mKj kvLvq GB FY Kg©m~wP Pvjy Kiv n‡q‡Q| mnR introduced loan upto Tk. 15,000.00 is being provided
k‡Z© RvgvbZ wenxbfv‡e 15,000/-UvKv ch©šÍ ¯‹zjMvgx `wi`ª to the poor school going students with easy terms and
conditions.
QvÎ/QvÎx‡ì g‡a¨ GB FY weZiY Kiv n‡”Q|
31 wW‡m¤î 2023 ZvwiL wfwËK gvB‡µv †µwWU Lv‡Z †gvU As on 31 December 2023, micro credit of SBPLC stood
Tk. 17,730.00 million which was Tk. 13,670.00 million in
w¯’wZi cwigvY 17,730.00 wgwjqb UvKv hv 2022 mv‡j wQj
2022.
13,670.00 wgwjqb UvKv|
wewb‡qvM Investment Financing
G e¨vs‡Ki cÖavb Kvh©vj‡qi †UªRvwi g¨v‡bR‡g›U wWwfkb The Treasury Management Division (TMD) of the
wewb‡qvM msµvšÍ Kvh©µg †`Lfvj K‡i _v‡K| Bnv †UªRvwi Bank oversees the investment financing activities. It
operates Treasury bill, bond, debenture, share and
wej, eÛ, wW‡eÂvi, †kqvi Ges wewb‡qvM m¤úwK©Z Kvh©vejx related transactions. The Bank has engaged itself as
cwiPvjbv K‡i _v‡K| †UªRvwi wej I eÛ µq/weµ‡qi †ÿ‡Î primary dealer in buying and selling of treasury bills
e¨vsK cÖvBgvwi wWjv‡ii f~wgKv cvjb K‡i _v‡K| 31 wW‡m¤î and bonds. The sector-wise (Government, Public and
2023 wfwËK LvZIqvix (cvewjK Ges cÖvB‡fU) wewb‡qv‡Mi Private) summary of investment of the Bank as on 31
December, 2023 is shown in the table below:
mvi-ms‡ÿc wb‡¤œ Dc¯’vcb Kiv n‡jv t
31 wW‡m¤î, 2023 wfwËK LvZIqvix wewb‡qvM Sector-wise Investment as on 31 December, 2023

wk‡ivbvg miKvwi cvewjK cÖvB‡fU me©‡gvU Description Government Public Private Total
evsjv‡`k e¨vsK wej - - - - Bangladesh Bank Bill - - - -
†UªRvwi wej 91032.80 - - 91032.80 Treasury Bills 91032.80 - - 91032.80
wifvm© †i‡cv - - - - Reverse Repo - - - -
†UªRvwi eÛ 468627.95 - - 468627.95 Treasury Bonds 468627.95 - - 468627.95
†¯úkvj eÛ/myKzK 11228.87 - - 11228.87 Special Bond/Sukuk 11228.87 - - 11228.87
K‡c©v‡iU/cÖvB‡fU eÛ - - 29918.71 29918.71 Corporate/Private Bond - - 29918.71 29918.71
cÖvBReÛ 84.13 - - 84.13 Prize Bond 84.13 - - 84.13
wW‡eÂvi - 5.15 0.70 5.85 Debentures - 5.15 0.70 5.85
†kqvi - - 20953.05 20953.05 Shares - - 20953.05 20953.05
Bmjvgx e¨vswKs DB‡Ûv 324.56 - - 324.56 Islami Banking Window 324.56 - - 324.56
‰e‡`wkK gy`ªvq wewb‡qvM - - - Investment in - - - -

Foreign Currency
‰e‡`wkK kvLv 435.22 - 929.99 1365.21 Overseas Branches 435.22 - 929.99 1365.21
me©‡gvU 571733.53 5.15 51802.45 623541.13 Total 571733.53 5.15 51802.45 623541.13

e¨vsK G LvZ n‡Z 2023 mv‡j 45,794.88 wgwjqb In 2023, the Bank earned Tk. 45,794.88 million which
UvKv Avq K‡i‡Q hv c~e©eZ©x eQ‡i wQj 31,638.74 was Tk. 31,638.74 million in the previous year. The total
investment of the Bank in 2023 was Tk. 623,541.13
wgwjqb UvKv| 2023 mvj †k‡l e¨vs‡Ki †gvU wewb‡qv‡Mi million which was Tk. 621,272.57 million at the end of
cwigvY 623,541.13 wgwjqb UvKv hv 2022 mv‡j wQ‡jv 2022. Major investments were made in Treasury Bills,
621,272.57 wgwjqb UvKv| cÖavb cÖavb wewb‡qvM LvZ n‡jv Treasury Bonds, Special Bonds, Corporate/Private
†UªRvwi wej, eÛ, wW‡eÂvi, †kqvi BZ¨vw`| Bond, Shares and Debentures etc.
gvbe m¤ú` Human Capital
¯^vaxbZvi ci MZ 53 eQ‡i G e¨vs‡Ki K‡cv©‡iU ms¯‹…wZ Ggb Over the last 53 years, the corporate culture at
SBPLC grew as such that the employees have ample
ch©v‡q ‡cŠu‡Q‡Q †hLv‡b Kg©KZ©v/ Kg©Pvixiv ¯^vaxbfv‡e KvR
opportunities to take initiative and responsibilities
K‡i wb‡Ri, cÖwZôv‡bi Ges mgv‡Ri Dbœq‡b f~wgKv ivL‡Q| to unleash their hidden potential to maximize
e¨vs‡Ki gvbe m¤ú` Dbœqb wefvM Kg©KZ©v‡ì e¨vswKs wel‡q benefits for themselves and for the society. The
me©‡kl AMÖMwZ Ges wbqgbxwZ m¤ú‡K© mg¨K Ávb/cÖwkÿY HR Division of SBPLC. takes necessary initiatives
to impart latest developments and banking rules
†`qvi cÖ‡qvRbxq c`‡ÿc wb‡”Q| Gi d‡j e¨vs‡Ki Kg©KZ©v-
and regulations to the employees so that they
Kg©Pvixiv mn‡RB MÖvnK‡ì Pvwn`v eyS‡Z mÿg nb Ges †m can understand the customer’s demands and
†gvZv‡eK `ªæZ Ges `ÿZvi mv‡_ ‡mev cÖ`vb Ki‡Z mg_© nq| deliver prompt and efficient services. SBPLC has
e¨vs‡Ki gvbe m¤ú`‡K Av‡iv Kvh©Kix Kivi Rb¨ †mvbvjx taken initiatives of converting human resources
into productive ones and with this end in view,
e¨vsK wewfbœ cÖwkÿ‡Yi D‡`¨vM MÖnY K‡i‡Q| GiB Ask
it has trained up as many as 71871 employees in
wn‡m‡e 2023 mv‡j 71871 Rb Kg©KZ©v-Kg©Pvix‡K wewfbœ 2023. As of December 2023, 18257 employees of
cÖKv‡ii cÖwkÿY †`qv n‡q‡Q| 31 wW‡m¤î, 2023 wfwËK different layers are working in the Bank among
e¨vs‡Ki †jvKe‡ji msL¨v 18257 Rb hvi g‡a¨ 16768 Rb which officers and staffs are 16,768 and 1489
respectively.
Kg©KZ©v Ges 1489 Rb Kg©Pvix|
MÖvnK †mev Customer Care
†mvbvjx e¨vsK wcGjwm Zvi MÖvnK‡ì KvQ †_‡K me©wb¤œ †mev SBPLC takes minimum service charges from its
customers. Sonali E-Wallet, Sonali E-Sheba, Sonali Bank
g~j¨ wb‡q _v‡K| DbœZ MÖvnK †mevi Rb¨ †mvbvjx B-Iqv‡jU, bKash link account have been introduced and Front
†mvbvjx B-†mev, †mvbvjx e¨vsK-weKvk wjsK GKvD›U Pvjy desk, women entrepreneurs’ desk, customer complaint
Ges d«›U †W¯‹, bvix D‡`¨v³v †W¯‹, MÖvnK Awf‡hvM e·, box and customer care cell have been established
MÖvnK †mev †mj †Lvjv n‡q‡Q| avwg©K gymwjg‡ì µgea©gvb to ensure better customer services. To attract the
increasing demand of the religious Muslims, SBPLC
Pvwn`v c~i‡Yi j‡ÿ¨ e¨vsK Zvi 58wU kvLvq ÓAvevwej has introduced “Ababil Islamic Core Banking Software”
BmjvwgK †Kvi e¨vswKs mdUIq¨viÓ Gi gva¨‡g Bmjvgx for Islamic banking in 58(Fifty Eight) branches. It is
e¨vswKs cwiPvjbv Ki‡Q| DbœZ MÖvnK †mev †`qvi Rb¨ Ges digitizing its business to provide improved services to
e¨vswKs Kvh©µg MwZkxj Ges `ÿZvi mv‡_ m¤úv`‡bi Rb¨ its customers and to make its operations more prompt
and efficient.
mKj Kvh©µg wWwRUvj c×wZ‡Z iƒcvšÍi Kiv n‡q‡Q|
mvgvwRK wbivcËv †e÷bx Kg©mw~ P‡Z AskMÖnY Participation in Social Safety Net Programs
mvaviY e¨vswKs †mev †hgb wkí A_©vqb, Avg`vwb-ißvwb In addition to providing conventional banking services
such as industry finance, import and export finance,
A_©vqb, mvaviY FY,cjøx FY, ‰e‡`wkK gy`vª Avbqb, `xN© general credit, rural credit, remittance, long term
†gqv`x FY BZ¨vwì cvkvcvwk †mvbvjx e¨vsK wcGjwm 51wU loans, the Bank is assisting in implementing 51 safety
mvgvwRK wbivcËv †e÷bx Kg©mw~ P‡Z mnvqZv Ki‡Q †h¸‡jvi net programs which in turn are affiliated with some
mv‡_ miKv‡ii wKQz we‡klvwqZ cÖK‡íi mswkøóZv Av‡Q| we¯ÍZ … specialized projects of the Government. Through its
widest range of rural branches, SBPLC is disbursing
MÖvgxY kvLvi gva¨‡g G e¨vsK cÖv_wgK Ges D”P gva¨wgK ¯Í‡i stipends to the students studying at primary and
Aa¨vqbiZ QvÎ/QvÎx‡ì g‡a¨ wkÿv e„wË, mvgwiK †cbkb, eq¯‹ secondary level, army pension, old age allowance,
fvZv, weaev fvZv, `y¯’ gwnjv fvZv, ‡emiKvix ¯‹jz , K‡jR, widow allowance, destitute woman allowance,
gv`ªvmvmn †emiKvix †iwR÷ªvW© cÖv_wgK ¯‹‡z ji wkÿK‡ì †eZb- salaries and allowances for non-government schools,
colleges, madrashas and non-government registered
fvZv cÖ`vb K‡i _v‡K| Gi cvkvcvwk wewfbœ cÖKvi BDwUwjwU primary schools as well as collecting various utility
wej †hgb †Uwj‡dvb wej, M¨vm wej, ‡Wmv/‡Wm‡Kv/AviBwe bills like telephone bill, gas bill, electricity bills of DESA,

SONALI BANK PLC
Gi we`ÿr wej, Iqvmv wej msMÖn K‡i _v‡K| e¨vsK eZ©gv‡b DESCO, REB and WASA. There are 3,154,877 accounts
under Social Safety Net program, 324,168 accounts
31,54,877wU mvgvwRK wbivcËv †e÷bx wnmve, 3,24,168wU for distributing freedom fighters’ allowance and
gyw³‡hv×v wnmve Ges 33,40,534wU Ab¨vb¨ wnmve Gi gva¨‡g 3,340,534 accounts for others. The main objective of
wewfbœ cÖKvi fvZv cÖ`vb K‡i| e¨vs‡Ki g~j D‡Ïk¨ n‡jv e¨vswKs SBPLC is to take all types of banking services to the
†mev‡K MÖvn‡Ki †`vi †Mvovq †cŠu‡Q †`qv| GQvov e¨vsKwU wewfbœ door-steps of the people. The Bank participates in
various socio-economic activities and development
cÖKvi Av_©-mvgvwRK Ges Dbœqbg~jK Kg©Kv‡Û AskMÖn‡Yi programs as well as helps in implementing various
cvkvcvwk miKvi KZ…K © M„nxZ wewfbœ cÖKí ev¯Íevq‡b mnvqZv plans and programs taken up by the Government. As
Ki‡Q| iv‡óªi me©en„ r evwYwR¨K e¨vsK wn‡m‡e ‡mvbvjx e¨vsK the largest state owned commercial bank, Sonali Bank
Gi `vwqZ¡ n‡jv †mev w`‡q Ges †ckv`vix g‡bvfve wb‡q KvR has the responsibility to run its operations as a service-
oriented and professionally managed leading profitable
K‡i †`‡ki g‡a¨ GKwU †bZ…Z¯ ¡ v’ bxq jvfRbK cÖwZôvb wn‡m‡e organization in the country.
KvR Kiv|
Capital Market Operation
cuwy RevRvi Kvh©µg
Through Sonali Investment Limited (SIL), the subsidiary
†mvbvjx e¨vs‡Ki GKwU mvewmwWqvwi †Kv¤úvwb wn‡m‡e †mvbvjx
company, SBPLC has a significant presence in the
Bb‡f÷‡g›U wjwg‡UW (SIL) evsjv‡`‡ki cuywRevRv‡i capital market of Bangladesh. SIL ensures high quality
¸iæZ¡c~Y© f~wgKv cvjb Ki‡Q| SIL AvB‡bi cÖwZ AbyMZ †_‡K services to our valuable clients by its professionalism
†ckv`vwi AvPiY Øviv g~jëvb MÖvnK‡ì DbœZgv‡bi †mev while being fully compliant with the laws of the land.
It attaches priority to investors’ interest, their benefit
cÖ`vb Ki‡Q| ‡Kv¤úvwbwU MÖvnK ¯^v_© Ges myweav‡K AMÖvwaKvi
and always intends to protect investors against market
†`qvi cvkvcvwk evRvi m¤úwK©Z SuzwK †_‡K MÖvnK‡ì myiÿv related risks and has thus become a trusted partner
†`q| Gi d‡j MÖvnK‡ì wek¦¯Í Askx`vi n‡Z mÿg n‡q‡Q| of investors. The current activities of the company
Gi eZ©gvb Kvh©µ‡gi g‡a¨ Bmy¨ g¨v‡bR‡g›U, †cvU©dwjI include Issue Management, Portfolio Management,
Underwriting, Equity Participation and ancillary services
g¨v‡bR‡g›U, AvÛviivBwUs, g~jab mnvqZv, cyuwRevRvi mswkøó
related to the capital market. At present, SIL runs its day
Ab¨vb¨ †mev D‡jøL‡hvM¨| eZ©gv‡b GwU cÖavb Kvh©vjqmn 2wU to day operations by its Head Office and another branch
kvLv Øviv ˆ`bw›`b Kvh©µg cwiPvjbv Ki‡Q| cÖwZôvbwU located at Dhaka. As a part of its active role in the capital
2023 mvj ch©šÍ gvwR©b FY wn‡m‡e 2,668.17 wgwjqb market, till 2023 SIL has disbursed Tk. 2,668.17 million
as margin loan and invested Tk. 2,803.04 million to its
UvKv weZi‡Yi cvkvcvwk cuywRevRv‡i wbR¯^ †cvU©dwjI‡Z
own portfolio.
2,803.04 wgwjqb UvKv wewb‡qvM K‡i‡Q|
Suwz K eë¯’vcbv Risk Management

The Risk Management Division of the Bank identifies
e¨vs‡Ki SuzwK eë¯’vcbv wefvM mKj cÖKvi SuzwK m¤úwK©Z KvR
analyses, evaluates and supervises all risk related work
wPwýZ, wePvi-we‡kølY, g~j¨vqb Ges Z`viwK K‡i _v‡K| GKB including control/mitigation measure of risks as per
mv‡_ evsjv‡`k e¨vs‡Ki wb‡`©kbv Abyhvqx cwiPvjbv cl©‡ì guidelines and direction of Bangladesh Bank with
Aby‡gv`bµ‡g GMy‡jv wbqš¿Y Ges mgvav‡bi Dcvq †ei K‡i _v‡K| the approval of the Board of Directors. Recently, a
high powered ‘Board Risk Management Committee’
m¤úªwZ evsjv‡`k e¨vs‡Ki wb‡`©kbv ‡gvZv‡eK mvwe©K SuzwK eë¯’vcbv
comprising five members of the Board of Directors has
Kvh©µg kw³kvjxKi‡Yi D‡Ï‡k¨ cwiPvjbv cl©‡ì 5 Rb m`m¨ been formed as per the directives of Bangladesh Bank to
wb‡q cwiPvjbv cl©‡ì SuzwK eë¯’vcbv KwgwU MVb Kiv n‡q‡Q| strengthen overall risk management activities.
¸iæZ¡cY~ © Suwz Ki wewfbœ ‡ÿ‡Î m‡šÍvlRbK †iwUs AR©‡bi j‡ÿ¨ cÖavb Risk Management Division has introduced Risk
Management Checklist (RMC) for attaining ‘satisfactory’
Kvh©vj‡qi Suwz K eë¯’vcbv wefvM KZ…K
© GKwU Suwz K eë¯’vcbv †PKwj÷ rating on various segments of core risks through proper
(RMC) Pvjy Kiv n‡q‡Q| ¸iæZ¡cY~ © Suwz K eë¯’vcbv bxwZgvjv e¨vs‡Ki implementation of Core Risk Management Guidelines,
mKj kvLv/ Kvh©vj‡q msiÿY Kiv nq| Suwz K eë¯’vcbv wefvM KZ…K © which is being maintained at all offices/branches of
Aa©-evwl©K wfwË‡Z Òmgwš^Z Suwz K eë¯’vcbv cÖwZ‡e`bÓ Ges gvwmK the Bank. Risk Management Division also prepares
half yearly “Comprehensive Risk Management Report
wfwË‡Z ÒSuwz K eë¯’vcbv cÖwZ‡e`bÓ cÖ¯Z ‘ Kiv nq| Gi gva¨‡g (CRMR)” and monthly “Risk Management Report (RMR)”
e¨vs‡Ki m¤ú`, `vq, Zvij¨ Ae¯’v I Av‡qi mv‡_ m¤úwK©Z Suwz KMy‡jv to identify, analyzes and mitigates the risks relating to
wPwýZ Kiv, we‡kølY Kiv Ges mgvavb Kiv nq| DwjøwLZ cÖwZ‡e`bmg~n bank’s assets, liabilities, liquidity, earnings and submit it
e¨vs‡Ki Suwz K eë¯’vcbv KwgwU‡Z Dc¯’vcb Kiv nq Ges evsjv‡`k to the Risk Management Committee of the Bank as well
as to Bangladesh Bank for its regulatory compliance.
e¨vs‡KI †cÖiY Kiv nq| D³ wefvM KZ…K © wbqwgZfv‡e †÷ªm †Uw÷s The division conducts periodic ‘Stress Testing’ to assess

Kiv nq hvi gva¨‡g we‡kl Suwz K Dcv`vb Ges ch©vqmg~n we‡ePbvq wb‡q Capital to Risk-weighted Asset Ratio (CRAR) of the Bank
considering specific shock factors and shock levels. “Core
wi¯‹ I‡q‡UW m¤ú‡ì wecix‡Z g~ja‡bi ch©vßZv cwigvc Kiv nq| Risk Management Guidelines Implementation Policy” has
evsjv‡`k e¨vs‡Ki mv‡_ G e¨vs‡Ki ¯^vÿwiZ MOU Gi Av‡jv‡K been introduced in line with MOU signed with Bangladesh
Ò¸iæZ¡cY~ © Suwz K eë¯’vcbv wb‡`©kvejx ev¯Íevqb bxwZÓ Pvjy Kiv n‡q‡Q| Bank. The Risk Management Division also reviews position
Suwz K eë¯’vcbv wefvM KZ…K © †µwWU †iwUs, FY I AMÖx‡gi Abycv‡Zi of credit rating, abnormal change in AD ratio, recovery
position, self-assessment of internal control and other risk
A¯^vfvweK cwieZ©b, †kÖwYK…Z FY Av`vq Ae¯’v, e¨vs‡Ki mv‡_ m¤úwK©Z factors associated with banking activities.
Suwz K Ges Af¨šÍixY wbixÿvi wbR¯^ g~j¨vqb I ch©v‡jvPbv Kiv nq|
B‡Zvg‡a¨, mycvifvBwRs wiwfD cÖ‡mm (SRP) Gi AvIZvq 2020, Meanwhile, Internal Capital Adequacy Assessment
Process (ICAAP) and related Supplementary Document
2021 I 2022 mvjwfwËK B›Uvibvj K¨vwcUvj GwW‡Kv‡qwm under Supervisory Review Process (SRP) for the year
A¨v‡mm‡g›U cÖ‡mm (ICAAP) Ges Avbymw½K `wjjvw` cÖYqbc~eK
© 2020, 2021 and 2022 have been prepared and submitted
cÖwZ‡e`bmg~n evsjv‡`k e¨vs‡K †cÖiY Kiv n‡q‡Q Ges 2023 to Bangladesh Bank. Besides, ICAAP for the year 2023 is
mv‡ji ICAAP Gi KvR cªwµqvaxb i‡q‡Q| also in underway.
SuywK wfwËK g~jab ch©vßZv eë¯’vcbv Risk based Capital Adequacy Management
evsjv‡`k e¨vs‡Ki wb‡`©kbv †gvZv‡eK 01 Rvbyqvix 2015 ZvwiL In line with Bangladesh Bank guidelines for
determining Minimum Capital Requirement (MCR)
n‡Z G e¨vsK Basel-III Gi Kvh©µg ïiæ K‡i A`¨vewa Gi wbqg and the Capital to Risk-weighted Asset Ratio (CRAR)
cwicvjb K‡i e¨vs‡Ki Minimum Capital Requirement for banks, Basel III guidelines have been enforced
(MCR) Ges Capital to Risk Weighted Asset Ratio (CRAR) effective from 01 January 2015. Under Basel-III
Gi cwigvY wbY©q Ki‡Q| Basel-III bxwZgvjv †gvZv‡eK 2023 guidelines, the Capital to Risk-weighted Asset Ratio
(CRAR) at the end of 2023 stood at 10.07 percent
mv‡j Capital to Risk Weighted Asset Ratio (CRAR) Gi compared to 10.05 percent of the previous year
cwigvY ùvwo‡q‡Q 10.07%, hv Zyjbvg~jKfv‡e c~ee© Z©x erm‡i against regulatory requirement of minimum 10.0
wQj 10.05% †hLv‡b Dfq‡ÿ‡ÎB wbqš¿Yg~jK b~¨bZg cÖ‡qvRb percent. Core capital (Tier 1 capital) held at Tk.
wQj 10%| g~L¨ g~jab (Tier 1 Capital) ùvwo‡q‡Q 62,010.40 62,010.40 million being 7.93 percent of total of Risk
Weighted Assets (RWA). Supplementary capital (Tier
wgwjqb UvKv, hv †gvU Suwy K wfwËK m¤ú` (RWA) Gi 7.93%| 2 capital) stood at Tk. 16,726.87 million being 2.14
m¤úyiK g~jab (Tier 2 Capital) ùvwo‡q‡Q 16,726.87 wgwjqb percent of RWA.
UvKv, hv †gvU RWA Gi 2.14%|
The details of risk weighted assets, minimum capital
we¯ÍvwiZfv‡e SuywK wfwËK m¤ú` (RWA), b~¨bZg g~jab requirement (MCR) and the capital adequacy ratio
ch©vßZv (MCR) Ges g~jab ch©vßZvi AbycvZ (CRAR) wb‡gœ (CRAR) are depicted below:
Dc¯’vcb Kiv n‡jv t
(Tk. in million)
Capital Adequacy Ratio
Position as of
Particulars Change (%)
2023 2022
Total risk weighted assets 781565.00 701286.80 11.45%
Tier-1 Capital 62010.40 55524.35 11.68%
Tier-2 Capital 16726.87 14985.76 11.62%

10.09%
10.07%
Total Capital 78737.27 70510.11 11.67%

10.05%
10.04%
Minimum Capital requirement 78156.50 70128.68 11.45%

10.02%
Tier-1 capital adequacy ratio 7.93% 7.91% 0.02%
Tier-2 capital adequacy ratio 2.14% 2.14% -
2019 2020 2021 2022 2023 Total capital adequacy ratio 10.07% 10.05% 0.02%
†mvbvjx e¨vsK wcGjwm G e¨v‡mj-3 ev¯Íevqb Implementation of BASEL- III in Sonali Bank PLC.
A_©‰bwZK g›`v †_‡K D‡Ëvi‡Yi j‡ÿ¨ e¨vswKs †m±‡i Gi To improve the banking sectors ability to absorb shocks
arising from financial and economic stress, whatever
SzuwK mnb mÿgZv evov‡bvi Rb¨ evsjv‡`k e¨vsK †`‡ki mKj
the sources, thus reducing the risk of spillover from
Zdwkwj e¨vsK‡K 1jv Rvbyqvix 2015 †_‡K 2019 mvj ch©šÍ

SONALI BANK PLC
av‡c av‡c e¨v‡mj-3 ev¯Íevq‡bi Rb¨ weAviwcwW mvK©yjvi bs- the financial sector to the real economy, Bangladesh
Bank instructed all the scheduled banks in Bangladesh
18/2014 Gi gva¨‡g wb‡`©kbv cÖ`vb K‡i‡Q| êwk^K wbqwš¿Z through BRPD circular no- 18/2014 to implement
I ch©‡eÿYg~jK bZzb GB gvbmgyn we‡klfv‡e wb‡¤œ D‡jøwLZ BASEL-III from 1st January, 2015 to 2019 phase by phase.
welq ¸‡jvi Dci ¸iæZ¡ Av‡ivc K‡i‡Q t These new global regulatory and supervisory standards
mainly addressed the following areas:
• mKj Pjgvb I Aemvqb cÖwZôv‡bi g~ja‡bi ¸bMZ gvb
• Raise the quality level of capital to ensure banks
evwo‡q SzuwK Gov‡bv| are better able to absorb losses on both a going
• g~jab KvVv‡gvq SzuwK †gvKv‡ejvi mÿgZv evov‡bv| concern and a gone concern basis;
• FY I BKz¨BwU Abycv‡Z SzuwKhy³ g~jab cwigvc Kiv| • Increase the risk coverage of the capital framework;
• Introduce leverage ratio to serve as a backstop to
• ch©‡eÿY cÖwµqv ch©v‡jvPbvi Rb¨ bZzb bZzb gvb ˆZix the risk-based capital measure;
Kiv ( wcjvi-2) Ges • Raise the standards for the supervisory review
• cÖwZ‡e`b cÖKv‡ki gva¨‡g mKj‡K AeMZ Kiv process (Piller-II); and
(wcjvi-3) BZ¨vw` | • Public disclosures (Piller- III) etc.
†mvbvjx e¨vsK wcGjwm 1jv Rvbyqvix 2015 mvj †_‡K Accordingly Sonali Bank has started BASEL-III
implementation from January, 2015 and Capital
e¨v‡mj-3 ev¯Íevqb ïiæ K‡i‡Q Ges e¨v‡mj-3 Gi wb‡`©kbvi
to Risk-weighted Asset Ratio (CRAR) of the Bank is
Av‡jv‡K SzuwKhy³ m¤ú` I g~ja‡bi AbycvZ (wm Avi G Avi) being submitted to Bangladesh Bank as per BASEL- III
evsjv‡`k e¨vs‡K cÖwZ‡e`bvKv‡i †cÖiY Ki‡Q| requirement.
mv¤úªwZK AvgvbZ †cÖvWv±mg~n t Recent Deposit Products

AvgvbZ msMÖ‡ni j‡ÿ¨ †mvbvjx e¨vsK wcGjwm KZ©„K PvjyK…Z To mobilize more deposit, Bank has introduced several new
bZzb AvgvbZ w¯‹g ¸‡jv wb¤œiƒc: (K) bb-‡iwm‡W›U wW‡cvwRU schemes: (a) Non-resident Deposit Scheme (NRDS) (b) Sonali
Bank Daily Profit Scheme (SBDPS) (c) School Banking Scheme
w¯‹g (L) †mvbvjx e¨vsK †WBwj cÖwdU w¯‹g (M) ¯‹zj e¨vswKs (SBS) (d) Retirement Savings Scheme (RSS) (e) Sonali Bank
w¯‹g (N) wiUvqvi‡g›U †mwfsm w¯‹g (O) †mvbvjx e¨vsK Retirement Savings Scheme (SBRSS) (f) Sonali Bank Millionaire
wiUvqvi‡g›U †mwfsm w¯‹g (P) †mvbvjx e¨vsK wgwjIwbqvi w¯‹g Scheme (SBMS) (g) Triple Benefit Scheme (TBS) (h) Sonali Bank
(Q) wUªcj †ewbwdU w¯‹g (R) †mvbvjx e¨vsK K…lK †mwfsm Krisok Savings Scheme (SBKSS) (i) Shadheen Savings Scheme
w¯‹g (S) ¯^vaxb mÂq w¯‹g (T) ÷z‡W›U †mwfsm ¯‹xg (U) (j) Student Savings Account (k) Mudaraba Monthly Profit Scheme
gy`vivev gvš’wj cÖwdU w¯‹g (V) Avj-Iqvw`qvn Kv‡i›U GKvD›U (MMPS) (l) Al-Wadeeah Current A/c (AWCA) (m) Mudaraba Savings
(W) gy`vivev †mwfsm GKvD›U (X) gy`vivev †¯úkvj †bvwUk A/c (MSA) (n) Mudaraba Special Notice Deposit A/c (MSND) (o)
Mudaraba Term Deposit A/c (MTDA) (p) Mudaraba Hajj Saving
wW‡cvwRU GKvD›U (Y) gy`vivev Uvg© wW‡cvwRU GKvD›U (Z) A/c (MHSA) (q) Mudaraba Monthly Profit Scheme (MMPS) (r)
gy`vivev nÀ †mwfsm GKvD›U Ges (_) gy`vivev †mvbvjx gvš’wj Mudaraba Sonali Monthly Deposit Scheme(SMDS) and (s) Sonali
wW‡cvwRU w¯‹g| wW‡cvwRU ¯‹xg¸‡jv Pvjy Kivi d‡j e¨vs‡Ki Monthly Denmohor Deposit Scheme(SMDDS). As a result, the
AvgvbZ D‡jøL‡hvM¨ cwigv‡Y e„w× †c‡q‡Q| deposit has increased significantly for the last few years.
eëmvwqK Kvh©µg Ges Avw_©K Ae¯’v ch©v‡jvPbv: Analysis of Business Performance and Financial Position
eëmv I gybvdvi cÖe„w× Positive Business and Profit Growth
wW‡m¤î, 2023 ch©šÍ †mvbvjx e¨vs‡Ki 1232wU kvLvi †gvU SBPLC with its 1232 branches became successful in
mobilizing deposits of Tk. 1,506,183.93 million and
AvgvbZ Ges FY I AwMÖ‡gi cwigvY ùvwo‡q‡Q h_vµ‡g
given Tk. 1,008,052.68 million as loans and advances
1,506,183.93 wgwjqb UvKv Ges 1,008,052.68 wgwjqb up to 31 December, 2023. During the year 2023, total
UvKv| e¨vs‡Ki Avq 2022 mv‡ji 91,301.73 wgwjqb UvKv income of the Bank increased by 31.13 percent to Tk.
†_‡K 31.13% e„w× †c‡q 119,721.55 wgwjqb UvKvq 119,721.55 million which was Tk. 91,301.73 million in
2022. The total expenditure stood at Tk. 81,259.67
ùvwo‡q‡Q| e¨vs‡Ki e¨q e„w× †c‡q 81,259.67 wgwjqb
million in 2022 showing an increase of 20.42
UvKvq ùvwo‡q‡Q hv c~e©eZ©x eQ‡ii 67,478.66 wgwjqb percent as against total expenditure of Tk. 67,478.66
UvKvi Zzjbvq 20.42% †ekx| wbU gybvdv n‡q‡Q 6,514.80 million of previous year. Net profit after tax stood at
wgwjqb UvKv hv 2022 mv‡j wQj 3,710.42 wgwjqb UvKv| Tk. 6,514.80 million in 2023 which was Tk. 3,710.42
million in 2022.

Avq ch©v‡jvPbv weeiYx Review of Income Statement
(Tk. in million)
2022 2023 Position as of

Sl. (Tk. in million) Changes
Types of Income
No %
119,721.55
2023 2022
91,301.73
56,841.92
45,794.88
1. Interest Income 56841.92 42920.89 32.43
42,920.89
31,638.74
16,480.49 2. Investment Income 45794.88 31638.74 44.74
16,782.87 3. Commission/ 16782.87 16480.49 1.83
301.88
261.61
Exchange/ Brokerage
4. Other operating Income 301.88 261.61 15.39
Interest Investment Commission/ Other Total
Income Income Exhange/ operating Income 5.
Brokerage Income Total Income 119721.55 91301.73 31.13
my` Avq Interest Income

†mvbvjx e¨vsK Gi my` Avq 2022 mv‡ji 42,920.89 wgwjqb Sonali Bank’s interest income stood at Tk. 56,841.92
million in 2023 from Tk. 42,920.89 million in 2022
UvKv †_‡K 32.43% e„w× †c‡q 2023 mv‡j `vwo‡q‡Q
which is 32.43 percent higher than the previous year.
56,841.92 wgwjqb UvKvq| 2023 mv‡j F‡Yi cwigvY e„w× Interest income increased mainly due to loans increase
cvIqvq my` Avq e„w× †c‡q‡Q| in 2023.
my` e¨q Interest Expenses

2023 mv‡j e¨vs‡Ki Avgvb‡Zi Ici my` eve` e¨q 2022 Interest expenses of the Bank increased by 27.56 percent
to Tk. 52,083.25 million in 2023 from Tk. 40,831.45
mv‡ji 40,831.45 wgwjqb UvKvi Zzjbvq 27.56% e„w×
million in 2022. Interest expenses increased mainly due
†c‡q ùvwo‡q‡Q 52,083.25 wgwjqb UvKvq| g~jZt D”P to increase of high cost deposits and Repo Borrowing
myèvnx AvgvbZ I †ivcv e‡ivwqsmn Ab¨vb¨ F‡Yi Rb¨ my` with others.
e¨q e„w× †c‡q‡Q|
wbU my` Avq Net Interest Income
2023 mvj †k‡l e¨vs‡Ki wbU my` Avq 2022 mv‡ji 2,089.43 In 2023, net interest income of SBPLC increased by
127.75 percent to Tk. 4,758.67 million from Tk. 2,089.43
wgwjqb Gi Zzjbvq 127.75% e„w× †c‡q 4,758.67 wgwjqb million in 2022. Net interest income increased mainly
UvKvq ùvwo‡q‡Q| g~jZt F‡Yi cwigvY e„w× cvIqvq wbU due to increase of loans and advances of the Bank.
my` Avq e„w× †c‡q‡Q|
my` ewnf‚©Z Avq Non-interest Income
Kwgkb, G·‡PÄ I Ab¨vb¨ cwiPvjb Avq Gi mgš^‡q MwVZ my` Total non-interest income comprising of commission,
ewnf‚©Z Avq MZ eQ‡ii 16,742.10 wgwjqb UvKv †_‡K 2.05% exchange and other operating income of the Bank
increased by 2.05 percent to Tk. 17,084.75 million in
e„w× †c‡q‡Q| 2023 mv‡j Gi cwigvY 17,084.75 wgwjqb UvKv| 2023 compared to Tk. 16,742.10 million in 2022.
Comparison of Revenue Operating Performance
2022 2023
38%
Interest Income
Interest Income
Investment Income Investment Income
48% Commission/Exchange
/ Brokerage
Commission/
Other operating Exchange/ Brokerage
Income
Other operating
Income
0% 14%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

SONALI BANK PLC
wewb‡qvM Avq Investment Income

e¨vs‡Ki wewb‡qvM n‡Z cÖvß Avq 2022 mv‡ji Zzjbvq 44.74% Investment income of the Bank increased by 44.74
percent to Tk. 45,794.88 million in 2023 compared to
e„w× †c‡q 2023 mv‡j ùvwo‡q‡Q 45,794.88 wgwjqb UvKv|
Tk. 31,638.74 million in 2022.
2022 mv‡j Gi cwigvY wQj 31,638.74 wgwjqb UvKv|
cwiPvjb e¨q Operating expenses

2023 mv‡j e¨vs‡Ki cwiPvjb e¨q Gi cwigvY ùvwo‡q‡Q Total operating expenses of the Bank during 2023 has
29,176.42 wgwjqb UvKv; c~e©eZ©x eQ‡i Gi cwigvY wQj reached Tk. 29,176.42 million which was Tk. 26,647.21
26,647.21 wgwjqb UvKv| Kg©KZ©v-Kg©Pvix‡ì †eZb- million in 2022. Due to the salary and allowances of
Officers and staffs, the expense has increased compared to
fvZvRwbZ Kvi‡Y G Lv‡Z e¨q e„w×i nvi c~e©eZ©x eQ‡ii
the previous year. Other than that, the operating expense
Zzjbvq †ekx n‡q‡Q| Z‡e cwiPvjbv cl©‡ì mg‡qvwPZ
was in control due to proper and timely direction of the
w`Kwb‡`©kbv Ges e¨vsK eë¯’vcbvi wbweo Z`viwKi d‡j Board of Directors and the management of the Bank.
cwiPvjb e¨q wbqš¿‡Y ivLv m¤¢e n‡q‡Q|
wb‡¤œ cwiPvjb e¨‡qi Zzjbvg~jK Ae¯’v D‡jøL Kiv n‡jv t The summary and comparison of operating expenses is given below:
cwigvY Position as of Change

weeiY cwieZ©b % Particulars
2023 2022 2023 2022 in %
†eZb I fvZvw` 21841.96 19793.37 10.35 Salary and allowances 21841.96 19793.37 10.35
fvov, Ki, exgv, Rent,taxes,Insurance and

1449.14 1342.49 7.94 1449.14 1342.49 7.94
we`ÿr BZ¨vw` Electricity etc.
Legal Expense 56.25 24.44 130.16
AvBbx LiP 56.25 24.44 130.16
Postage, Stamp,
46.55 45.42 2.49
WvK, ÷¨v¤ú, †Uwj‡dvb BZ¨vw` 46.55 45.42 2.49 Telecommunications
Stationary, Printing and
Qvcv I gwbnvix Ges weÁvcb e¨q 226.73 196.49 15.39 Advertisements etc.
226.73 196.49 15.39
cÖavb wbe©vnx‡ì †eZb I wd 9.18 9.87 (6.99) Chief Executive’s Salary

9.18 9.87 (6.99)
and fees
cwiPvjK‡ì wd 4.88 4.95 (1.41)
Director’s Fees 4.88 4.95 (1.41)
wbixÿKM‡bi wd 5.49 6.11 (10.15) Auditor’s Fees 5.49 6.11 (10.15)
AePq, †givgZ I iÿYv‡eÿY e¨q 1013.03 1070.66 (5.38) Depreciation, repairs and
1013.03 1070.66 (5.38)
maintenance
Ab¨vb¨ cwiPvjb e¨q 4523.21 4153.41 8.90 Other Operating Expense 4523.21 4153.41 8.90
†gvU 29176.42 26647.21 9.49 Total 29176.42 26647.21 9.49
Comparison of Operating Expenses Comparison of Operating Expenses

2022 2023
Salary and allowances

16% Rent.taxes,Insurance
and Electricity etc
Legal Expense
3% Salary, allowances and fees
1% Postage,Stamp,
Rent.,taxes,Insurance,Legal etc Telecommunications
5% Stationary, Postage,Stamp etc Stationary, Printing and…
Depreciation, repairs Chief Executive’s Salary and fees
and maintenance Director’s Fees

Other Operating Expense
Auditor’s Fees
Depreciation, repairs and
75% maintenance
Other Operating Expense
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
cwiPvjbMZ djvdj Summary of operating results

2023 I 2022 mv‡ji cwiPvjbMZ djvd‡ji mvims‡ÿc The summary of operating results with the variation
between the year 2023 and 2022 is given below:
wb‡¤œ Zz‡j aiv n‡jv t

Operatng Result (Tk. in million)
2022 2023 Amount Change
Particulars
2023 2022 in %
Interest income 56841.92 42920.89 32.43
67638.30
29176.42
Interest Expense (52083.25) (40831.45) 27.56
26647.21
18557.32
50470.28
Net Intt. Income 4758.67 2089.43 127.75

Non-Intt. Income 17084.75 16742.10 2.05
9234.17
9550.72
6514.80
Investment Income 45794.88 31638.74 44.74
7211.97
3710.42
Total Operating Income 67638.30 50470.28 34.02
3839.04
3666.50
Total Operating Expense 29176.42 26647.21 9.49
Profit before Provision 38461.88 23823.07 61.45
Provision for Loans and Advance 18557.32 9234.17 100.96
Provision for diminution in
542.12 1275.46 (57.50)
value of investment
Other Provision 9008.60 5936.51 51.75
Total Total Profit Before Taxes 10353.83 7376.93 40.35

Provision for Other Provision Net Profit
Operating Operating Loans Provision for after Provision For Taxation 3839.04 3666.50 4.71
Income Expense and Advance Taxation taxation
Net Profit after taxation 6514.80 3710.42 75.58
AvqK‡ii wecix‡Z cÖwfkb Provision for Income Tax
2023 mv‡ji Av‡qi wecix‡Z 3,839.04 wgwjqb UvKv Ki Provision of Tk. 3,839.04 million was made to meet
wnmv‡e cÖwfkb ivLv n‡q‡Q hv c~e©eZ©x eQ‡i wQj 3,666.50 current year’s income tax compared to Tk. 3,666.50
million in the preceding year.
wgwjqb UvKv|
Ki cieZ©x gybvdv Profit after Tax
2023 mv‡j e¨vs‡Ki Ki cieZ©x gybvdv ùvwo‡q‡Q The net profit after taxation stood at Tk. 6,514.80 million
6,514.80 wgwjqb UvKv| 2022 mv‡j Gi cwigvY wQj in 2023 as against Tk. 3,710.42 million in 2022. The
3,710.42 wgwjqb UvKv| my` Avq e„w× Ges wewb‡qvM Avq increase in profit after tax is attributed to increase in
interest income and a big jump in Investment income.
e¨vcK Djøç‡b e¨vs‡Ki Ki cieZ©x gybvdv e„w× ‡c‡q‡Q|
mswewae× wiRvf© Statutory Reserve
e¨vsK †Kv¤úvbx AvBb, 1991 (ms‡kvwaZ-2023) †gvZv‡eK As per Bank Company Act, 1991 (amended in 2023), 20
cwi‡kvwaZ g~ja‡bi mgvb bv nIqv ch©šÍ Ki c~e© gybvdvi percent of profit before tax is required to be transferred
to Statutory Reserve until the balance of the same
20% Statutory Reserve G msi¶Y Ki‡Z nq| G eQi reaches to the level of paid up capital. For this purpose,
ch©šÍ e¨vs‡Ki Kic~e© gybvdv n‡Z 18,093.25 wgwjqb UvKv an amount of Tk. 18,093.25 million has been transferred
D³ wnmv‡e msi¶Y Kiv n‡q‡Q| to statutory reserve till this year.
mvgvwRK `vqe×Zv Lv‡Z wiRvf© Reserve for Corporate Social Responsibility

evsjv‡`k e¨vs‡Ki MvBWjvBÝ †gvZv‡eK 2024 mv‡ji In line with Bangladesh Bank Guidelines, a total of Tk.
mvgvwRK `vqe×Zv (CSR) Lv‡Zi LiP †gUv‡bvi Rb¨ 2023 150.00 million has been kept for CSR which has been
provided from net profit after tax of the year 2023 to
mv‡ji wbU gybvdv n‡Z 150.00 wgwjqb UvKv G Lv‡Z
meet Corporate Social Responsibility (CSR) expenses in
msiÿY Kiv n‡q‡Q| 2023 mv‡j G Lv‡Z †gvU Li‡Pi 2024. In 2023, CSR expenses of the Bank were Tk. 61.50
cwigvY wQj 61.50 wgwjqb UvKv| million.
CSR activities in the cold prone areas by SBPLC

SONALI BANK PLC
gybvdvi D‡jøL‡hvM¨ wb‡`©kKmg~n Significant Profitability Ratio

The key profitability indicators of the SBPLC for the years
2023 Ges 2022 mv‡ji gybvdvi wb‡`©kKmg~n wb¤œiƒc: 2023 and 2022 are highlighted below:
Summary of Operating Result (In Percentage)
2022 2023 Amount (%) Change
Particulars
2023 2022 in %
Return on Investment (ROI) 7.36 4.83 2.53
73.90%
67.87%
Non-interest income to 14.27 18.34 (4.07)
18.34%
total income
14.27%
7.77%
7.36%
Cost income ratio 67.87 73.90 (6.03)
5.44%
4.83%
4.70%
4.06%
0.35%
Profit after tax to total income 5.44 4.06 1.38

0.21%
Return on assets(ROA) 0.35 0.21 0.14

Return on Return on Profit after Cost income Non-interest Return on
equity (ROE) assets(ROA) tax to total ratio income to Investment
income total income (ROI)
Return on equity (ROE) 7.77 4.70 3.07
e¨v‡jÝkxU ch©v‡jvPbv Review of Balance Sheet

†gvU m¤ú` Total assets
e¨vs‡Ki m¤ú‡ì cwigvY 2022 mv‡ji 1,789,772.29 Total assets of the Bank stood at Tk. 1,981,129.67 million as on 31
wgwjqb UvKv n‡Z 10.69% e„w× †c‡q 2023 mv‡j December 2023 compared to that of Tk. 1,789,772.29 million
as on 31 December 2022 registering a positive growth of 10.72
1,981,129.67 wgwjqb UvKvq DbœxZ n‡q‡Q| g~jZt
percent. The increase in assets of the SBPLC is largely driven by
evsjv‡`k e¨vsK I Gi G‡R›U e¨vs‡K ewa©Z w¯’wZ Ges FY the growth of balance with Bangladesh Bank and its agent Banks
I AwMÖ‡gi cwigvY e„w×i Kvi‡YB m¤ú‡ì G cÖe„w× n‡q‡Q| and a remarkable increase of the Bank’s Loans and Advances.
e¨vs‡Ki †gvU m¤ú‡ì mvi-ms‡ÿc wb¤œiƒct A summary of assets is given below:

(Tk. in million)
2022 2023
Particulars 2023 2022 Growth in %
Cash in Hand
Balance with Bangladesh bank
and its agent Bank Cash in Hand 9939.50 9842.63 0.98
Balance with other Banks and
financial Institution
Money at call and short notice
Balance with Bangladesh
bank and its agent Bank 102942.24 80274.43 28.24
Investments
Loans and advances

Balance with other Banks
Fixed assets
and financial Institution 47936.88 38151.37 25.65
Other assets
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Money at call and
short notice 15217.10 2808.20 441.88
Comparison of Operating Expenses
31% 51% Investments 623541.13 621272.57 0.37
Cash in Hand
Balance with Bangladesh bank
and its agent Bank Loans and advances 1008052.68 846430.23 19.09
Balance with other Banks
and financial Institution Fixed assets 34401.99 33931.89 1.39
Money at call and short notice
1% Investments Others + non banking assets 139098.15 157060.96 (11.44)
1% Loans and advances
5%
1% Fixed assets
7% Total assets 1981129.67 1789772.29 10.69
2% Other assets
nv‡Z bM` I evsjv‡`k e¨vsK I Gi G‡R›U e¨vs‡K e¨v‡jÝ Cash in Hand and Balances with BB and its Agents
31 wW‡m¤î 2023 Zvwi‡L nv‡Z bM` Ges evsjv‡`k As on 31 December 2023, cash in hand and balances
with Bangladesh Bank and its agent banks stood at Tk.
e¨vsK I Gi G‡R›U e¨vs‡K e¨v‡jÝ Gi cwigvY ùvwo‡q‡Q 112,881.74 million as against Tk. 90,117.06 million as
112,881.74 wgwjqb UvKv, hv c~e©eZ©x eQ‡ii 90,117.06 on 31 December 2022 registering an increase of 25.26
wgwjqb UvKvi Zzjbvq 25.26% †ekx| Gi d‡j e¨vs‡Ki percent. The Cash Reserve Requirement (CRR) should
bM` mwÂwZi (CRR) cwigvY G eQi 5.10% G ùvwo‡q‡Q, be currently maintained at 4.00 percent and SBPLC has
maintained 5.10 percent in the year under review.
hv Kgc‡ÿ 4.00% ivLv eva¨Zvg~jK| ZvQvov wewfbœ

†Wwjfvix P¨v‡b‡j MÖvnK‡ì Pvwn`v †gUv‡bvi Rb¨ Besides, adequate cash was required to provide
uninterrupted cash services to the growing number of
wbiwew”Qbœ K¨vk mieiv‡niI eë¯’v Kiv nq| we¯ÍvwiZ customers through multiple delivery channels. Details
weeiY wbixwÿZ Avw_©K weeiYxi 3 bs †bv‡U wea„Z i‡q‡Q| have been given at notes#3 to the accounts.
Ab¨vb¨ e¨vsK I Avw_©K cÖwZôv‡bi wbKU Mw”QZ A_© Balance with Other Banks and Financial Institutions
e¨vs‡Ki ‡jvb I Bb‡f÷‡g‡›Ui Pvwn`v †gUv‡bv Ges A portion of the excess fund, after meeting the
requirement to finance loan portfolio and investments
SLR G msiÿ‡Yi ci AwZwi³ dv‡Ûi mwVK eënvi Ges
including SLR, has been placed with other banks and
e¨vs‡Ki gybvdv e„w×i j‡ÿ¨ Ab¨vb¨ e¨vsK I Avw_©K financial institutions as term deposits for optimizing the
cÖwZôv‡b dv‡Ûi GKwU Ask Rgv ivLv nq| †UªRvwi I utilization of fund and profit of the Bank. In addition,
evwY‡R¨ A_©vq‡bi Kvh©µg myôzfv‡e cwiPvjbvi Rb¨ Treasury Management Division of the Bank has to
maintain some special notice deposit (SND) accounts
e¨vs‡Ki cÖavb Kvh©vj‡qi †UªRvwi g¨v‡bR‡g›U wWwfkb and current deposit (CD) accounts with other banks
KZ…©K †`‡k I †`‡ki evB‡i Aew¯’Z Ab¨vb¨ e¨vsK I and financial institutions in and outside the country for
Avw_©K cªwZôv‡b SND Ges PjwZ wnmve cwiPvjbv Kiv smooth functioning of treasury operations and trade
nq| wewb‡qvM Ges FY I AwMÖ‡gi e„w×RwbZ Kvi‡Y Ab¨vb¨ finance. Because of simultaneous increase in investment
and loans and advances, balances outstanding with other
e¨vsK I Avw_©K c&ªwZôv‡b e¨v‡j‡Ýi cwigvY 2022 mv‡ji banks and financial institutions increased to Tk. 47,936.88
38,151.37 wgwjqb UvKv ‡_‡K 25.65% e„w× †c‡q G million in 2023 from Tk. 38,151.37 million in 2022 registering
eQi 47,936.88 wgwjqb UvKvq ùvwo‡q‡Q| Gi g‡a¨ a growth of 25.65 percent. Out of this amount, Tk.
33,772.24 wgwjqb UvKv evsjv‡`‡ki Ab¨vb¨ e¨vsK I 33,772.24 million has been kept in banks and financial
institutions in Bangladesh and the rest amount Tk.
Avw_©K cÖwZôv‡b Ges 14,164.64 wgwjqb UvKv we‡`kx 14,164.64 million has been kept in foreign banks. Details
e¨vs‡K iwÿZ Av‡Q| we¯ÍvwiZ weeiY AwW‡UW wnmv‡ei 4 of balance with other banks and financial institutions are
bs †bv‡U wea„Z i‡q‡Q| given at notes# 4 to the accounts.
¯^í mg‡qi †bvwU‡k cwi‡kv‡ai AvnŸvb‡hvM¨ A_© Money at Call on Short Notice
¯^í mg‡qi †bvwU‡k cwi‡kv‡ai AvnŸvb‡hvM¨ A‡_©i cwigvY Money at call and short notice increased by 441.88
percent to Tk. 15,217.10 million at the end of 2023
2023 mv‡j ùvwo‡q‡Q 15,217.10 wgwjqb UvKv hv c~e©eZ©x compared to Tk. 2,808.20 million at the end of 2022.
eQ‡ii 2,808.20 wgwjqb UvKvi Zzjbvq 441.88% ‡ekx|
Investments
wewb‡qvM
e¨vs‡Ki †gvU wewb‡qvM Gi cwigvY 2022 mv‡ji The Bank’s total investments stood at Tk. 623,541.13 million
in 2023 which was Tk. 621,272.57 million in 2022 meaning
621,272.57 wgwjqb UvKv †_‡K 0.37% e„w× †c‡q 2023
an increase by 0.37 percent. The investments mainly include
mv‡j 623,541.13 wgwjqb UvKvq ùvwo‡q‡Q| Gi g‡a¨ Government securities of Tk. 571,733.54 million or 91.69
D‡jøL‡hvM¨ n‡”Q miKvwi wmwKDwiwU Lv‡Z 571,733.54 percent of total investments maintained as a primary dealer
wgwjqb UvKv wewb‡qvM, hv †gvU wewb‡qv‡Mi 91.69%| in addition to cover SLR requirement. In place of 13 percent
SLR, the Bank has maintained 40.27 percent with Bangladesh
e¨vsK 13% mswewae× Zvij¨ mwÂwZi ¯’‡j 40.27% mwÂwZ
Bank which is an indication of the strength of the Bank.
msiÿY K‡i‡Q, hv e¨vs‡Ki kw³gËvi cwiPvqK|
FY I AwMÖg Loans and Advances
Loans and advances constitute the largest portion in
†mvbvjx e¨vsK K…wl, wkí, GmGgB I evwY‡Rï Drcv`bkxj asset side of SBPLC’s Balance Sheet which was Tk.
I AMÖvwaKvi Lv‡Z A_©vqb Ae¨vnZ †i‡L‡Q| e¨vs‡Ki †gvU 1,008,052.68 million or 50.88 percent of total assets
m¤ú‡ì eo Ask `Lj K‡i Av‡Q FY I AwMÖg, hvi w¯’wZ in 2023. The Bank’s loans and advances increased by
1,008,052.68 wgwjqb UvKv ev †gvU m¤ú‡ì 50.88% 19.09 percent from Tk. 846,430.23 million in 2022 to
Tk. 1,008,052.68 million in 2023. SBPLC has continued
Ges e„w×i nvi 19.09%| e¨vs‡Ki cÖ`vbK…Z F‡Yi cwigvb its lending operations in productive and priority sectors
2022 mv‡j wQj 846,430.23 wgwjqb UvKv| RvZxq covering agriculture, Industry, SME, trade and commerce.
AMÖvwaKvi gyjK miKvwi, cvewjK I cÖvB‡fU LvZmgy‡n The Bank has extended credit to Government, public
e¨vsK FY myweav cÖ`vb Ki‡Q| e¨vs‡Ki eZ©gvb GwW †iwkI and private sectors in line with national priority. The
percentage of total loans and advances against total
66.93%| 2023 mvj †k‡l ‡kÖwYK…Z FY I AwMÖ‡gi cwigvY deposit (AD ratio) is 66.93%. Details of loans and advances
ùvwo‡q‡Q 133,409.77 wgwjqb UvKv| bb cvidwg©s F‡Yi are given at notes# 7 to the accounts. The amount of
cwigvY 2022 mv‡ji 14.83% †_‡K n«vm †c‡q 13.23% classified loans and advances stood at Tk. 133,409.77

SONALI BANK PLC
G ùvwo‡q‡Q| we¯ÍvwiZ weeiY wbixwÿZ wnmv‡ei 7 bs †bv‡U million in 2023. Percentage of non-performing loans was
13.23 percent in 2023 which was 14.83 percent in 2022.
wea„Z i‡q‡Q|
LvZ wfwËK †gvU FY I AwMÖg Composition of Total Loans and Advances
Types of Loans and Change
µ: bs FY I AwMÖ‡gi 2023 2022 cwieZ©b (%) Sl. 2023 2022
LvZmgy‡ni bvg Advances In %
1 K…wl 67514.89 63610.92 6.14 1 Agricultural/Rural Credit 67514.89 63610.92 6.14
2 gvB‡µv †µwWU 10854.53 13241.90 (18.03) 2 Micro Credit 10854.53 13241.90 (18.03)
3 wkí FY 64873.30 76921.93 (15.66) 3 Industrial Credit 64873.30 76921.93 (15.66)
4 K…wlwfwËK wkí cÖKí 13480.12 17688.08 (23.78) 4 Agro-based Industrial 13480.12 17688.08 (23.78)
5 AvšÍR©vwZK evwYR¨ 251339.31 199089.85 26.24 5 International Trade 251339.31 199089.85 26.24
6 Gm Gg B A_©vqb 149378.60 83581.47 78.72 6 SME Finance 149378.60 83581.47 78.72
7 mvaviY FY I Ab¨vb¨ 450611.93 392296.08 14.87 7 General Advance & Others 450611.93 392296.08 14.87
me©‡gvU 1008052.68 846430.23 19.09 Total 1008052.68 846430.23 19.09
bZzb †cÖvWv±: FY I AwMÖg New Products: Loans and Advances

FY I AwMÖg e„w×i j‡ÿ¨ mv¤úªwZK mg‡q e¨vs‡Ki D™¢vweZ To accelerate the rate of credit growth, some new loan/
investment products were introduced by the Bank,
bZzb FY †cÖvWv±¸‡jv n‡jv: (K) evB mvB‡Kj †jvb ¯‹xg
namely (a) Bicycle Loan Scheme for School Going
di ¯‹zj †Mvwqs ÷z‡W›Um (L) ¯§j GÛ wgwWqvg G›UvicÖvBR Students (b) Small and Medium Enterprise (SME) Loan (c)
(GmGgB) †jvb (M) †¯úkvj ¯§j †jvb (N) iæivj ¯§j Special Small Loan (d) Rural Small Farming Loan (e) Rural
dvwg©s †jvb (O) †cvfvwU© Gwjwf‡qkb Gwm÷¨v›U †cÖvMÖvg Small Business Loan (f) Poverty Alleviation Assistance
Programme (g) Probashi Karmasangsthan Rin Prokalpo
(P) cÖevmx Kg©ms¯’vb FY cÖKí (Q) wkÿv FY (R) Rv‡Mv
(h) Education Loan (i) Jago Nari Grameen Rin (j) Term
bvix MÖvgxY FY (S) gyw³‡hv×v FY (T) d‡ib GWz‡Kkb loan to Freedom Fighters (k) Foreign Education Loan
†jvb †cÖvMÖvg (U) nvDR‡nvì wWD‡iej ¯‹xg AvÛvi evB Program (FELP) (l) Household Durable Scheme under
gyqv¾vj †gvW BZ¨vw`| Bai-Muazzal Mode etc.
mvaviY FY General Credits
wewfbœ cvewjK I cÖvB‡fU †m±‡ii cÖwZôvb¸‡jv‡Z FY SBPLC is playing a vital role in the national economy
by extending various credit facilities to both public
myweav cÖ`v‡bi gva¨‡g †mvbvjx e¨vsK RvZxq A_©bxwZ‡Z and private sector organizations and entities. In the
we‡kl Ae`vb †i‡L P‡j‡Q| mvaviY FY Lv‡Z e¨vsK 2023 year 2023, the Bank disbursed loans amounting Tk.
mv‡j †gvU 86,280.80 wgwjqb UvKv FY weZiY K‡i‡Q| 86,280.80 million to the private sector which was Tk.
2022 mv‡j FY weZi‡Yi cwigvY wQj 150,014.70 150,014.70 million in 2022 under general credit head.
On the other hand, classified loans under general
wgwjqb UvKv| G Lv‡Z †kÖwYK…Z FY n‡Z Av`vq n‡q‡Q credit amounting to Tk. 4,827.10 million have been
4,827.10 wgwjqb UvKv hvi cwigvY 2022 mv‡j wQj recovered during the year which was Tk. 4,763.00
4,763.00 wgwjqb UvKv| e¨vs‡Ki mvaviY FY Lv‡Zi million in 2022. A tabular presentation shows the overall
mvwe©K Ae¯’v wb¤œiƒct position of General Credit of the Bank.
µ: bs wk‡ivbvg 2023 2022 cwieZ©b (%) Sl. Particulars 2023 2022 Change In %
1 †gvU w¯’wZ 304239.30 270990.80 12.27 1 Total Outstanding 304239.30 270990.80 12.27
2 †gvU weZiY 86280.80 150014.70 42.49 2 Total Disbursement 86280.80 150014.70 42.49
3 †gvU Av`vq 4827.10 4763.00 1.35 3 Total Recovery 4827.10 4763.00 1.35
K…wlwfwËK cÖKí FY Agro-based Project Finance Program

mvwe©Kfv‡e †`‡ki †UKmB Av_©-mvgvwRK Dbœq‡bi j‡ÿ¨ As overall socio-economic sustainability, Sonali Bank
PLC has extended credit facilities to the agro-based
†`‡ki K…wl Lv‡Zi Dbœq‡b †mvbvjx e¨vsK wcGjwm K…wlwfwËK industries under agro-based industrial sector financing
cÖKí F‡Yi Aax‡b K…wlwfwËK wk‡í FY myweav cÖ`vb Ki‡Q| scheme. In the year 2023, SBPLC disbursed Tk. 244.10
2023 mv‡j G Lv‡Z e¨vsK me©‡gvU 244.10 wgwjqb UvKv FY million and recovered Tk. 596.90 million including
weZiY K‡i‡Q Ges Ae‡jvcbmn wewfbœ K…wlwfwËK cÖKímgyn write-off loans from different agro-based projects.
The Bank is extending project loan on simple terms
n‡Z 596.90 wgwjqb UvKv Av`vq K‡i‡Q| Av_©-mvgvwRK and conditions through 120 designated branches
Dbœq‡b e¨vsK Zvi mywbw`©ó 120wU kvLvi gva¨‡g mnR k‡Z©

cÖKí FY cÖ`vb Ki‡Q| ZvQvov e¨vs‡Ki cÖvq mKj kvLv n‡Z for improvement of socio-economic condition.
G cÖK‡íi wkí Lv‡Z 1,175.00 wgwjqb PjwZ gyjab FY Besides, Tk. 1,175.00 million of working capital loans
to industries has been disbursed by almost all the
bevqb Kiv n‡”Q| Zvi g‡a¨ we‡RGgwmÕi Aax‡b 5wU RyU wgj branches throughout the country. It may be mentioned
I 21wU †emiKvix RyU wgj I RyU w¯úwbs wg‡j D‡jøL‡hvM¨ that a large amount of loan has been disbursed to 5
cwigvY FY weZiY Kiv n‡q‡Q| 2023 mvj ch©šÍ G Lv‡Z FY jute mills under BJMC and 21 private jute mills and
w¯’wZi cwigvY 34,334.20 wgwjqb UvKv hv 2022 mv‡j wQj jute spinning mills. The amount of outstanding loan
stood Tk. 34,334.20 million till 2023 which was Tk.
34,665.80 wgwjqb UvKv| 34,665.80 million as on 31 December 2022.
†kÖwYK…Z FY Av`vq Kvh©µg Classified Loan Recovery Program
2023 mv‡j e¨vs‡Ki †kÖwYK…Z F‡Yi cwigvY ùvwo‡q‡Q The amount of classified loan stood at Tk. 133,409.77
133,409.77 wgwjqb UvKv A_©vr e¨vs‡Ki †gvU FY I AwMÖg million which is 13.23 percent of the Bank’s total loan
of Tk. 1,008,052.68 million as on 31 December, 2023.
1,008,052.68 wgwjqb UvKvi 13.23%| 2022 mv‡j The amount of classified loan was Tk. 125,536.74
†gvU 846,430.23 wgwjqb UvKvi FY I AwMÖ‡gi g‡a¨ million (14.83 percent of bank’s total loan) against
125,536.74 wgwjqb UvKv ev 14.83% †kÖwYK…Z wQj| total outstanding loans and advance of Tk. 846,430.23
†kÖYxK…Z I Ae‡jvcbK…Z FY n‡Z 2023 mv‡j Av`v‡qi million in 2022. The amount of recovery against
classified and written off loan in 2023 are Tk. 11,644.40
cwigvY h_vµ‡g 11,644.40 wgwjqb UvKv Ges 666.71 million and Tk. 666.71 million respectively. The Bank
wgwjqb UvKv| eQ‡ii ïiæ‡ZB Av`vjZ ewnfy©Z mgvavb, made all out efforts to recover non-performing loans
ewa©Z my` gIKzd myweav Ges evsjv‡`k e¨vs‡Ki cwjwm I A_© by strengthening recovery measures like outside court
gš¿Yvjq Gi MvBWjvBÝ †gvZv‡eK wiwmwWDjKi‡Yi gva¨‡g settlement, extending interest exemption facilities and
rescheduling as per Bangladesh Bank policies and
bb-cvidwg©s †jvb n‡Z Av`v‡qi Kvh©µg †Rvi`vi Kiv nq| Ministry of Finance’s guidelines.
`vq‡`bvi mvi ms‡ÿc Summary of Liabilities

µ: bs wk‡ivbvg 2023 2022 cwieZ©b (%) Sl. Particulars 2023 2022 Growth%
Ab¨vb¨ e¨vsK I Avw_©K Borrowings other Banks and
1 17009.48 439.40 3771.07 1 17009.48 439.40 3771.07
financial institutions and agents
cÖwZôvb n‡Z avi
2 Total deposits 1506183.93 1420362.93 6.04
2 †gvU AvgvbZ 1506183.93 1420362.93 6.04
3 Other Liabilities 371377.22 287778.70 29.05
3 Ab¨vb¨ †`bv 371377.22 287778.70 29.05
4 Total Liabilities 1894570.63 1708581.03 10.89
4 †gvU †`bv 1894570.63 1708581.03 10.89
Ab¨vb¨ e¨vsK, Avw_©K cÖwZôvb Ges G‡R›U n‡Z avi Borrowings from other banks, Financial
Institutions and Agents
2023 mv‡j evsjv‡`k e¨vsK Gi cyb:A_©vqb Gi AvIZvq Sonali Bank PLC has been given an amount of
Tk. 17,009.48 million only by Bangladesh Bank of
†mvbvjx e¨vsK wcGjwm‡K 17,009.48 wgwjqb UvKv avi †`qv which Tk. 16,625.00 million as Assured Liquidity
n‡q‡Q| Gi g‡a¨ 16,625.00 wgwjqb UvKv wmwKDwiwUi Support (ALS) against Securities and Tk. 384.48
wecix‡Z Zvij¨ mnvqZv Ges Aewkó 384.48 wgwjqb UvKv cvU million for refinance against jute sector in 2023.
Except these, it has no borrowing inside or
Lv‡Z cyb:A_©vqb Gi Rb¨ avi †`qv n‡q‡Q| GQvov †`‡ki †fZ‡i outside Bangladesh. The borrowed amount was
I evB‡i Ab¨ †Kvb cÖwZôv‡bi wbKU e¨vs‡Ki †Kv‡bv avi †bB| Tk. 439.40 million in 2022.
2022 mv‡j e¨vs‡Ki av‡ii cwigvY wQj 439.40 wgwjqb UvKv|
†mvbvjx e¨vsK wcGjwm Gi †kqvi †nvìvm© BK¨zBwU Shareholders’ Equity of Sonali Bank PLC.
31 wW‡m¤î 2023 ZvwiL wfwËK e¨vs‡Ki †kqvi †nvìvm© The shareholders’ equity of the Bank stood at Tk.
BKz¨BwU ùvwo‡q‡Q 86,559.04 wgwjqb UvKv hv 31 wW‡m¤î 86,559.04 million as on 31 December 2023 which was
2022 †Z wQj 81,191.26 wgwjqb UvKv| Tk. 81,191.26 million in 2022.

SONALI BANK PLC
µt †kqvi †nvìvm© wb¤œewY©Z ZvwiL ch©šÍ Ae¯’v cwieZ©b Position as of

Shareholder's (Tk. in million)
bs BK¨zBwU (wgwjqb UvKvq) (%) Sl. No. Changes
Equity
2023 2022 %
2023 2022
1 cwi‡kvwaZ g~jab 45300.00 45300.00 - 1. Paid-Up Capital 45300.00 45300.00 -
2 mswewae× mwÂwZ 18093.25 16022.48 12.92 2. Statutory reserve 18093.25 16022.48 12.92
Ab¨vb¨ mwÂwZ Ges Other reserve and
3 24133.79 25074.41 (3.75) 3.
Revaluation reserve
24133.79 25074.41 (3.75)
cybtg~jv¨vqb mwÂwZ
4 wi‡UBbW Avwb©sm (968.00) (5205.63) 81.40 4. Retained earnings (968.00) (5205.63) 81.40
Total Shareholder's Equity
†gvU †kqvi‡nvìvi BKz¨BwU 86559.04 81191.26 6.61 86559.04 81191.26 6.61
AvgvbZ Deposits
2022 mv‡ji 1,420,362.93 wgwjqb UvKv n‡Z 6.04% The total deposit of the Bank as on 31 December, 2023
ev 85,821.00 wgwjqb UvKv e„w× †c‡q 2023 mv‡j e¨vs‡Ki was Tk. 1,506,183.93 million showing an i n crea s e
of T k . 8 5,8 2 1.00 mi l l i o n o r 6.04 pe rce nt over
†gvU Avgvb‡Zi cwigvY ùvwo‡q‡Q 1,506,183.93 wgwjqb UvKv|
1,4 2 0,36 2 .9 3 mi l l i o n of the pre ce di ng y ea r.
†gvU Avgvb‡Zi g‡a¨ mePvB‡Z ¸iæZ¡cY~ © PjwZ Avgvb‡Zi cwigvY M o s t i mpo r tantl y, cu r re nt de po s i t and other
2022 mv‡ji 249,564.58 wgwjqb UvKv n‡Z e„w× †c‡q a cco u nt s s t o od at Tk. 249,564.58 million which
244,282.39 wgwjqb UvKvq DbœxZ n‡q‡Q| was Tk. 244,282.39 million in 2022.
LvZIqvix Avgvb‡Zi cwigvY, cÖe„w× I wgkÖY wb‡¤œ cÖ`wk©Z The position of deposit, growth of deposit and deposit mix
n‡jv| are given below:
µ: bs LvZ 2023 2022 cwieZ©b (%) Sl. Type 2023 2022 Change (%)
PjwZ AvgvbZ I Current Deposit &
1 249564.58 244282.39 2.16 1 249564.58 244282.39 2.16
Ab¨vb¨ Other Accounts
2 wejm †c‡qej 13549.02 14817.25 (8.56) 2 Bills payables 13549.02 14817.25 (8.56)
Savings
3 mÂqx AvgvbZ 636606.89 587362.19 8.38 3 636606.89 587362.19 8.38
Deposits
†¯úkvj †bvwUk
4 198389.01 167071.22 18.75 4
Special Notice
198389.01 167071.22 18.75
wW‡cvwRU (SND) Deposit (SND)
wd·W wW‡cvwRU Fixed Deposits (Including
5 408074.43 406830.08 0.31 5 408074.43 406830.08 0.31
(wW‡cvwRU ¯‹xg mn) Deposit Schemes)
†gvU 1506183.93 1420362.93 6.04 Total 1506183.93 1420362.93 6.04
g~jZ †`ke¨vcx we¯Í…Z kvLv, AbjvBb †mev Pvjyi gva¨‡g The growth in deposits was attributed to largest
MÖvnK †mevi gv‡bvbœqb, GwUGg mvwf©m PvjyKiY Ges branch network, improvement of service standard
by introducing online banking, expanding ATM
†iwgU¨v‡Ýi UvKv‡K wePÿYZvi mv‡_ ¯^í‡gqvw` I `xN©‡gqvw` networks and efficient channeling of remittance
Avgvb‡Z iƒcvšÍi Ges bZzb AvgvbZ †cÖvWv± cÖeZ©‡bi which was partially converted into short and long
Kvi‡YB Avgvb‡Zi G cÖe„w× N‡U‡Q| c~‡e©i eQi¸‡jvi term deposits, launching new deposit products.
As in previous year, savings deposit constitut-
b¨vq 2023 mv‡jI Avgvb‡Zi g~j LvZ mÂqx Avgvb‡Zi ed of the main component of the deposit item
cwigvY 636,606.89 wgwjqb UvKv hv 2022 mv‡ji stood at Tk. 636,606.89 million which was Tk.
587,362.19 wgwjqb n‡Z 8.38% e„w× †c‡q‡Q Ges GwU 587,362.19 million in 2022 meaning 8.38 percent
growth and accounted for 42.27 percent of the
g~j Avgvb‡Zi 42.27%| wd·W wW‡cvwR‡Ui cwigvY †gvU total deposits. After savings deposit, fixed deposit
Avgvb‡Zi 27.09% ev 408,074.43 wgwjqb UvKv| GQvov stood at Tk. 408,074.43 which was 27.09 percent
wejm †c‡qej Ges †¯úkvj †bvwUk wW‡cvwR‡Ui cwigvb of total deposits. Bills payable and Special Notice
deposits stood at Tk. 13,549.02 million and Tk.
2022 mv‡j wQj h_vµ‡g 14,817.25 wgwjqb UvKv I 198,389.01 million respectively in 2023 which was
167,071.22 wgwjqb UvKv, hv 2023 mv‡j ùvwo‡q‡Q h_ Tk. 14,817.25 million and Tk. 167,071.22 million in
vµ‡g 13,549.02 wgwjqb I 198,389.01 wgwjqb UvKv| 2022 meaning 8.56 percent decrease and 18.75
percent increase respectively.
n«vm I e„w×i nvi h_vµ‡g 8.56% I 18.75%|

Avg`vwb-ißvwb Import and Export
2023 mv‡j e¨vs‡Ki Avg`vwb I ißvwb eëmvq A_©vq‡bi The total import and export businesses handled by
cwigvY h_vµ‡g 467,313.10 wgwjqb UvKv Ges 20,214.70 the Bank in 2023 stood at Tk. 467,313.10 million and
Tk. 20,214.70 million respectively compared to Tk.
wgwjqb UvKv| c~e©eZ©x eQ‡i Gi cwigvY wQj h_vµ‡g
436,769.20 million and Tk. 25,988.40 million respectively
436,769.20 wgwjqb UvKv Ges 25,988.40 wgwjqb UvKv| in 2022. The total amount of foreign exchange
ê‡`wkK †iwgU¨vÝmn †gvU ê‡`wkK †jb‡`‡bi cwigvY transactions handling including foreign remittance
2023 mv‡j ùvwo‡q‡Q 724,014.90 wgwjqb UvKv| 2022 of the Bank for the year 2023 stood at Tk. 724,014.90
million which was Tk. 647,887.30 million in 2022.
mv‡j Gi cwigvb wQj 647,887.30 wgwjqb UvKv|
2023 I 2022 mv‡ji AvšÍRv© wZK eëmv‡qi Zzjbvg~jK wPÎ Comparative Foreign Trade Position during 2023 and 2022:
(Tk. in million)
2022 2023
Sl. Particulars 2023 2022 Change (%)
467313.10
1 Total Import 467313.10 436769.20 6.99

436769.20
150174.40
109209.70
86312.70
75920.00
2 Total Export 20214.70 25988.40 (22.22)

20214.70
25988.40
3 Inward Remittance (including WES) 86312.70 109209.70 (20.97)
4 Outward Remittance (including WES) 150174.40 75920.00 97.81

Total Import Total Export Inward Outward
Remittance Remittance Total 724014.90 647887.30 11.75
(including WES) (including WES)
jf¨vsk †NvlYv Dividends and Stock Dividend
Retained Earnings FYvZ¥K I g~jab NvUwZ _vKvq c~e©eZ©x Like previous year, no dividend is declared by the Bank
for the year 2023 because of prevailing negative retained
eQ‡ii b¨vq G e¨vsK KZ©„K 2023 mv‡ji Rb¨ †Kv‡bv jf¨vsk earning balance and capital shortfall.
†NvlYv Kiv nqwb|
Ad-e¨v‡jÝ kxU G·‡cvRvim Off- Balance Sheet Exposures
2023 mvj †k‡l e¨vs‡Ki Off-Balance Sheet Exposures At the end of 2023, total outstanding amount of
Gi cwigvY 2022 mv‡ji 766,878.37 wgwjqb UvKv n‡Z off-balance sheet exposures of the Bank stood at
Tk. 756,896.89 million compared to Tk. 766,878.37
n«vm †c‡q 756,896.89 wgwjqb UvKvq ùvwo‡q‡Q| million for the year 2022.
Ad-e¨v‡jÝ kxU G·‡cvRvim Gi mvims‡ÿc wb¤œiƒct The summary of off-balance sheet exposures is
shown below:
cwigvY Position as of
weeiY Particulars
2023 2022 2023 2022
e¨vsK M¨vivw›U 4323.83 5510.48 Letter of guarantee 4323.83 5510.48
AcwieZ©bxq FYcÎ 745583.56 752557.17 Irrevocable letter of credit 745583.56 752557.17
wej di Kv‡jKkb 5271.25 8810.72 Bills for collection 5271.25 8810.72
Ab¨vb¨ KbwUb‡RwÝ `vq 1718.25 - Other contingencies liabilities 1718.25 -
†gvU 756896.89 766878.37 Total 756896.89 766878.37
`xN©‡gqv`x ‡ckvMZ `ÿZv Dbœq‡b gvbe m¤ú` cwiKíbv HR policies are designed to long-term career growth
`xN©‡gqv`x wek¦vm I m¤úK©- G `ywU KvVv‡gv‡K wfwË K‡i e¨vswKs SBPLC’s HR policies, based on trust and relationship, are
‡ckvq †ckvMZ `ÿZv AR©‡bi j‡ÿ¨ †mvbvjx e¨vs‡K gvbe m¤ú` to look after people who want to make a long-term career
with the Bank because trust and relationship are built over
Dbœqb cwiKíbv MÖnY Kiv n‡q‡Q| e¨vs‡Ki 53 eQ‡ii †ckvMZ time. The corporate culture at SBPLC over last 53 years is
cwi‡ek Kg©xevwnbxi AšÍwb©wnZ êwkó¨ cÖKv‡ki h‡_ó my‡hvM m„wó such that the members and the staff have ample opportu-
K‡i‡Q hvi gva¨‡g Zviv D‡`¨vMx n‡q Ges `vwqZ¡ wb‡q wb‡R‡ì nities to take initiatives and responsibilities to unleash their
hidden potential to maximize benefits for themselves and

SONALI BANK PLC
I mgv‡Ri DbœwZi Rb¨ KvR Ki‡Z cv‡i| e¨vsK g¨v‡bR‡g›U for the society. The challenge is to maintain a business like,
committed corporate culture that matches SBPLC’s mis-
Ges Kg©xevwnbx h_vh_fv‡e `vwqZ¡ cvj‡bi ga¨ w`‡q djvdj sion. Achieving results and taking responsibility are import-
AR©‡bi j‡ÿ¨ GKm‡½ cvi¯úwiK `vwqZ¡ mnKv‡i Kg©m¤úv`b ant components of the culture we pursue, one in which
K‡i _v‡K| e¨vs‡Ki cl©` bvix-cyiæl wbwe©‡k‡l Kg©`ÿZv I gvbe management and staff work together and are mutually
accountable. Ensuring equal opportunities irrespective of
m¤ú` Dbœq‡bi j‡ÿ¨ †ek wKQz cÖkvmwbK bxwZ MÖnY K‡i‡Qb| gender, the Board of Directors of the Bank has already ad-
Zvi g‡a¨ D‡jøL‡hvM¨ n‡jv: ms‡kvwaZ AM©v‡bvMÖvg, bZzb mvwf©m opted a number of administrative policies focusing on im-
iæj, ‡hvM¨Zvi wfwË‡Z c‡`vbœwZ, ¯^”Q wb‡qvM I e`jx cÖwµqv, provement of skills and performance of human resources.
Notable among them includes: revised organogram, new
Kg©KZv©-Kg©Pvix‡ì Kj¨vY I `ÿZv AR©‡b ch©vß cÖwkÿY service rules, performance based promotion, transparent
myweav BZ¨vw`| eZ©gv‡b †mvbvjx e¨vs‡Ki †gvU Rbe‡ji cwigvY posting and transfer, employee’s welfare, training activities
18,257 Rb| Gi g‡a¨ Kg©KZ©v I Kg©Pvixi msL¨v h_vµ‡g and skill development. Currently, SBPLC is having manpow-
er strength of 18,257 of which 16,768 are officers and 1,489
16,768 Rb I 1,489 Rb| 2023 mv‡j e¨vsK Zvi gvbe are staff. In 2023, the Bank has invested Tk. 63.72 million to
m¤ú`‡K Drcv`bgyLx wn‡m‡e M‡o †Zvjvi Rb¨ 63.72 wgwjqb turn its human resources into a productive workforce.
UvKv wewb‡qvM K‡i‡Q|
evsjv‡`k e¨vs‡Ki mv‡_ ¯^vÿwiZ MOU Gi Status of Memorandum of Understanding
wb‡`©kbv I djvd‡ji me©‡kl cwiw¯’wZ (MOU) with Bangladesh Bank
weMZ 2013 mv‡ji 3 b‡f¤î evsjv‡`k e¨vs‡Ki mv‡_ With Bangladesh Bank, SBPLC signed a Memorandum
of Understanding (MOU) on 3 November, 2013 containing
†mvbvjx e¨vsK wcGjwm Gi AwW‡UW e¨v‡jÝkxU h_vmg‡q some conditions for compliance such as submission
Dc¯’vcb, FY I AwMÖ‡gi cÖe„w× wbw`©ó gvÎvq mxgve×KiY, of audited balance sheet, limiting growth of loans and
cwiPvjb e¨q n«vmKiY, †kÖwYweb¨vwmZ F‡Yi wecix‡Z jÿ¨ advances, minimizing operating expenses, achievement
of recovery target against classified loans, ensuring proper
†gvZv‡eK Av`vq, FY I AwMÖ‡gi ch©vß gwbUwis wbwðZKiY, monitoring of loans and advances, improvement of risk
wi¯‹ g¨v‡bR‡g‡›Ui Dbœqb, kxl© 20 FY †Ljvwc †_‡K Av`vq management, recovery of loans from top 20 loan defaulters
Ges Ab¨vb¨ cÖfve m¤^wjZ GKwU Memorandum of Under- and others leverages.
standing (MOU) ¯^vÿwiZ nq|
e¨vs‡Ki wbixwÿZ Avw_©K weeiYx 2023 wba©vwiZ mg‡qi The audited Balance Sheet of 2023 was submitted
to Bangladesh Bank within the deadline. The annual
g‡a¨B evsjv‡`k e¨vs‡K Dc¯’vcb Kiv n‡q‡Q| FY I AwMÖ‡gi growth of loans and advances and increase in operating
cÖew„ × Ges cwiPvjb e¨‡qi e„w× MOU G D‡jøwLZ mxgvi g‡a¨B mxgve× expenses were within the limit of the memorandum.
wQj| ‡kÖYxK…Z FY n‡Z Av`v‡qi cwigvY wba©vwiZ 63,561.60 The recovery target from classified loans in 2023 was set
at Tk. 63,561.60 million but total cash recovery was Tk.
wgwjqb UvKvi ¯’‡j bM` Av`vq n‡q‡Q 5,674.90 wgwjqb UvKv 5,674.90 million and other than cash was Tk. 5,969.50
Ges bM` e¨ZxZ Av`vq n‡q‡Q 5,969.50 wgwjqb UvKv| million.
GQvov MOU G D‡jøwLZ kZ©vbyhvqx †µwWU wi¯‹ g¨v‡bR‡g›U According to the terms and conditions of MOU, Credit
Policy, Credit Risk Management Policy and Loan
kw³kvjxKi‡Yi j‡ÿ¨ †µwWU cwjwm, †µwWU wi¯‹ g¨v‡bR‡g›U Review Policy have been revised to improve credit risk
cwjwm Ges †jvb wiwfD cwjwm ch©v‡jvPbvc~eK© ms‡kvab K‡i management and the revised policy has been submitted
Ges ms‡kvwaZ cwjwm evsjv‡`k e¨vs‡K `vwLj Kiv n‡q‡Q to Bangladesh Bank. Actions set out in the policy are
being implemented accordingly. Besides, effective steps
Ges Z`vbyhvqx Kvh©µg cwiPvjbv Kiv n‡”Q| ZvQvov, Ab¨vb¨ have also been taken to update management of other
†Kvi wi¯‹ Gi DbœwZK‡í Kvh©Ki eë¯’v MÖnY Kiv n‡”Q| core risks.
evwl©K Kg©m¤úv`b Pzw³ Annual Performance Agreement-APA
`ÿ, AšÍf©yw³g~jK, AvaywbK cÖhyw³ wbf©i, m„wókxj Sonali Bank PLC, dedicated to the socio-economic
development of the country, is relentlessly
Ges Revew`wnZvg~jK e¨vswKs †mevi gva¨‡g †`‡ki working as the leading bank through efficient,
Av_©mvgvwRK Dbœq‡b wb‡ew`Z †bZ„Z¡ cÖ`vbKvix e¨vsK inclusive, modern technology based, creative and
wn‡m‡e †mvbvjx e¨vsK wbijmfv‡e KvR K‡i hv‡”Q| accountable banking services. A performance
ivóª gvwjKvbvaxb evwYwR¨K e¨vsK¸‡jvi Performance contract was introduced in 2015 by the Financial
m‡šÍvlRbK ch©v‡q DbœxZKi‡Yi gva¨‡g iƒcKí 2021 Gi Institutions Division of the Ministry of Finance of the
People’s Republic of Bangladesh to achieve “Vision
h_vh_ ev¯Íevqb Gi j‡¶¨ MYcÖRvZš¿x evsjv‡`k miKvi 2021” through Improving the performance of the
Gi A_© gš¿Yvj‡qi Avw_©K cÖwZôvb wefvM 2015 mvj n‡Z state owned commercial banks of Bangladesh at

ivóª gvwjKvbvaxb e¨vsK¸‡jvi mv‡_ Performance Contract a satisfactory level. The performance contract
was named as Key Performance Indicators (KPIs)”
cÖeZ©b K‡i| Ryb, 2016 ch©šÍ Performance Contract
till June 2016. Afterwards, as part of successful
wU ÒKey Performance Indicators (KPIs)Ó bv‡g AwfwnZ implementation of the Government’s National Plans
wQj| cieZ©x‡Z miKv‡ii RvZxq cwiKíbvmg~n (†cÖwÿZ (Perspective Plan 2021-2041, 8th Five Year Plan
cwiKíbv 2021-2041, Aóg cÂevwl©K cwiKíbv 2021- 2021-2025, Sustainable Development Goals 2030
2025, †UKmB DbœqY jÿ¨gvÎv 2030 BZ¨vw`) Gi mdj etc.), a financial year based agreement named
“Annual Performance Agreement (APA)” replacing
ev¯Íevq‡bi Askx`vi wn‡m‡e weMZ 2016 mvj n‡Z A_©
the “Key Performance Indicators (KPIs)” has been
gš¿Yvj‡qi Avw_©K cÖwZôvb wefv‡Mi mv‡_ G e¨vs‡Ki ÒKey signed between the Financial Institutions Division of
Performance Indicators (KPIs)Ó Pzw³wUi cwie‡Z© A_©eQi the Ministry of Finance and Sonali Bank PLC since
wfwËK evwl©K Kg©m¤úv`b Pzw³ (Annual Performance 2016.
Agreement-APA) ¯^vÿwiZ n‡q Avm‡Q|
The tenure of Annual Performance Agreement for the

2022-23 A_©eQ‡ii evwl©K Kg©m¤úv`b Pyw³i †gqv`Kvj MZ fiscal year 2022-23 expires on June 30, 2023. In the
30 Ryb, 2023 Zvwi‡L mgvß nq| 2022-23 A_©eQ‡ii evwl©K final evaluation of the Annual Performance Agreement
Kg©m¤úv`b Pyw³i (APA) P~ovšÍ g~j¨vq‡b Avw_©K cÖwZôvb wefv‡Mi (APA), Sonali Bank ranked first among all state-owned
commercial banks under the Financial Institutions
AvIZvaxb mKjivóª gvwjKvbvaxb evwYwR¨K e¨vsKmg~‡ni g‡a¨
Division with a score of 98.45%. Mentionable that in
†mvbvjx e¨vsK wcGjwm 98.45% b¤î ‡c‡q 1g ¯’vb AR©b K‡i| the fiscal year 2021-22, the Bank secured first place
D‡jøL¨, 2021-22 A_©eQ‡iI Avw_©K cÖwZôvb wefv‡Mi AvIZvaxb among all state-owned commercial banks, insurance
mKj ivóª gvwjKvbvaxb evwYwR¨K e¨vsK, exgv I Ab¨vb¨ Avw_©K and other financial institutions under the Financial Institutions
cÖwZôv‡bi g‡a¨ †mvbvjx e¨vsK wcGjwm 1g ¯’vb AR©b K‡i| Division.
e¨vs‡Ki cl©` mfvq g~jëvb w`K-wb‡`©kbv Ges eë¯’vcbv Valuable directions of Board of Directors and close
monitoring of management authority are boosting
KZ©„c‡ÿi wbweo Z`viwK‡Z APA 2023-24 Gi mKj up the urge of all level officers to achieve predefined
Kg©m¤úv`b m~P‡Ki wecix‡Z j¶¨gvÎvmg~n AR©‡bi wbwgË target against all Key Performance Indicators of APA
e¨vs‡Ki mKj ch©v‡qi Kg©KZ©ve„›` m‡Pó i‡q‡Q| 2023-24.
A_© gš¿Yvj‡qi wb‡`©kbv Abyhvqx Kg©m¤úv`b m~PK Achievement evaluation reports against the targets
mg~‡ni j¶¨gvÎvi wecix‡Z AR©b g~j¨vqY cÖwZ‡e`b in various criteria are being submitted quarterly, half
yearly and annual basis in the APAMS of the Ministry
cÖwZ ‰ÎgvwmK, Aa©-evwl©K Ges evwl©K wfwË‡Z APAMS of Finance as per direction.
software G AšÍfy©³ K‡i A_© gš¿Yvj‡q ‡cÖwiZ n‡”Q|
RvZxq ‡KvlvMv‡i Ae`vb Contribution to National Exchequer

†mvbvjx e¨vsK wcGjwm miKv‡ii ivR¯^ Avni‡Y ¸iæZ¡c~Y© Sonali Bank plays an important role in assisting the
f~wgKv cvjb K‡i _v‡K| e¨vsK Zvi wbR¯^ Av‡qi Dci Government in revenue collection. The Bank pays
AvqKi I f¨vU cwi‡kva K‡i _v‡K| ZvQvov e¨vsK Zvi tax and value added tax (VAT) on its own income.
MÖvnK, mieivnKvix‡ì wbKU n‡Z AvnwiZ AvqKi, f¨vU I Besides, SBPLC collects income tax, VAT, tax at
source from clients and suppliers and deposits the
Dr‡m Ki miKvwi †KvlvMv‡i Rgv K‡i _v‡K| 2023 mv‡j same to the national exchequer. During 2023, the
e¨vsK AwMÖg Ki, Dr‡m Ki Ges f¨vU eve` †gvU 14,170.96 Bank deposited a total of Tk. 14,170.96 million as
wgwjqb UvKv miKvwi †KvlvMv‡i Rgv K‡i‡Q| c~e©eZ©x eQ‡i advance tax, tax at source and VAT to the national
exchequer which was Tk. 13,025.27 million in 2022.
Gi cwigvY wQj 13,025.27 wgwjqb UvKv| D‡jøL¨, RvZxq In 2021, Sonali Bank has been awarded one of the
ivR¯^ †evW© Gi e„nr Ki cÖ`vb BDwbU KZ©„K 2020-21 Ki “Highest Vat Payers” by Large Tax Payers Unit (Vat) of
eQ‡i 2021 mv‡j †mvbvjx e¨vsK wcGjwm Òm‡e©v”P f¨vU National Board of Revenue (NBR) for the assessment
year 2020-21.
cÖ`vbKvixÓ cÖwZôvb cyi¯‹vi AR©b K‡i|

SONALI BANK PLC
Contribution on National Exchequer (Tk. in million)

Sl. Particulars 2023 2022
2022 2023
01. VAT on Commission 860.00 789.40
VAT on Commission
02. VAT on Rent on bank building 96.76 94.64
VAT on Rent on bank building 03. VAT on Various Expenses 147.27 200.56
VAT on Various Expenses 04. Source tax on L/C commission 137.65 95.51
Source tax on L/C commission
05. Source tax on buying house commission 34.95 23.70
Source tax on buying
house commission
06. Source Tax on Interest paid by bank 6594.32 5220.91
Source Tax on Interest paid
by bank
07. Source Tax on Cash subsidy on export 80.12 133.71
Source Tax on Cash subsidy
on export
Source Tax on Export Proceed

08. Source Tax on Export Proceed 255.36 258.86
Excise duty 09. Excise duty 2980.00 2986.45

Employees tax 10. Employees tax 88.46 71.36
Tax deducted at source
11. Tax deducted at source 2562.68 2281.66
Advance tax paid
12. Advance tax paid 200.00 750.00
Tax paid on car
13. Tax paid on car 6.00 5.60
Tax on Various Expenses
and others
14. Tax on Various Expenses and others 127.39 112.91
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Total 14170.96 13025.27
cÖe„w×i c~e©vfvm Growth Prospects

evsjv‡`‡ki e¨vswKs Lv‡Z eZ©gv‡b ‡`kx-we‡`kx e¨vsK¸‡jvi The banking industry in Bangladesh has been experiencing
tough competition amongst the local and foreign banks.
g‡a¨ Zxeª cÖwZ‡hvwMZv cwijwÿZ n‡”Q| †cÖvWv‡±i eûgyLxKiY I
The banking and financing needs of the corporate, retail,
e¨vswKs Lv‡Z A‡Uv‡gk‡bi we¯Íw… Zi gva¨‡g K‡c©v‡iU, wi‡UBj, SME trade and other customers are met through
GmGgB evwYR¨ I Ab¨vb¨ MÖvnK‡ì A_©vqb I e¨vswKs myweav diversification of products and extending automated
banking services. The business trend up to 2023 shows
cÖ`vb Kiv n‡”Q| 2023 mv‡j †mvbvjx e¨vsK wW‡cvwRU AvniY,
marked improvement in the areas of deposit mobilization,
FY I AwMÖg, ewnt †iwgU¨vÝ cÖevn, wewb‡qvM BZ¨vw` †ÿ‡Î loans and advances, outward remittance and investment as
D‡jøL‡hvM¨ AMÖMwZ mvab K‡i‡Q| mvgwMÖK P¨v‡jÄ †gvKv‡ejvi well. To face the overall challenge, SBPLC is strengthening its
delivery channel, adoption of technology, business
j‡ÿ¨ e¨vsK Zvi †Wwjfvix P¨v‡bj, †UK‡bvjwR, eëmv Dbœqb,
promotion, product diversification, human resource
†cÖvWv‡±i eûgyLxKiY, gvbe m¤ú` Dbœqb, kvLv †bUIqv‡K©i development, optimum use of branch network and
m‡e©v”P eënvi Ges cÖvwZôvwbK mvgvwRK `vqe×Zvi g‡Zv Corporate Social Responsibility (CSR). To meet the
demand of our clients, SBPLC has taken membership of
welqMy‡jv‡K kw³kvjx Ki‡Q| MÖvnK‡ì wbivc` I DbœZ GwUGg
VISA and introduced VISA card to ensure safe and modern
mvwf©m cÖ`v‡bi j‡ÿ¨ †mvbvjx e¨vsK wcGjwm VISA Gi m`m¨c` ATM related services. Help Desk at Card Division, Head Office
MÖnY K‡i wfmv KvW© mvwf©m Pvjy K‡i‡Q| G †ÿ‡Î cÖavb Kvh©vj‡qi is dedicated to ensure customer service.
KvW© wWwfkb wbiwew”Qbœ MÖvnK †mev cÖ`v‡b wb‡ew`Z|
bZzb P¨v‡jÄmg~n Ges Zv †gvKv‡ejvq Kg©‡KŠkj New Challenges and Coping Strategies
wek^ A_©bxwZ‡Z `ªæZ cwieZ©‡bi Kvi‡Y e¨vsK I Avw_©K In the backdrop of fast changing global economic
scenario, the banking sector as a whole is facing emerging
cÖwZôvb wbZ¨ bZzb P¨v‡j‡Äi m¤§yLxb n‡”Q| Gi g‡a¨ new challenges. These include among others, meeting the
i‡q‡Q MÖvnK I †÷K‡nvìvi‡ì Pvwn`v †gUv‡bv, bZzb demands of clients and stakeholders at large, innovation
e¨vswKs †cÖvWv± D™¢veb, Avw_©K m¤ú`‡K Drcv`bkxj Lv‡Z of new banking products, channeling financial resources
to productive sectors, working out new mechanisms for
¯’vbvšÍiKiY, gvwbjÛvwis Kvh©µg cÖwZ‡iv‡a Kg©cš’v D™¢veb, carrying out anti-money laundering activities, penetration
`yb©xwZ cÖwZ‡iva Ges †mevi gv‡bvbœq‡b Z_¨ cÖhyw³i cÖPjb, of information technology to combat corruption and
cÖwZwbqZ AvMZ SzuwK jvN‡e †KŠkj cÖYqb Ges MÖvnK‡ì improve service delivery, designing appropriate strategies to
mitigate emerging risks and ensuring control environment
Pvwn`v iÿvq myôz cwi‡ek wbwðZKiY D‡jøL‡hvM¨| to protect the interest of clients.
bZzb P¨v‡jÄ †gvKv‡ejvq †mvbvjx e¨vsK wcGjwm K…wl, To cope with these new and emerging challenges, Sonali
K…wlfwËK wkí cÖKí, Avg`vwb cwic~iK cÖKí, GmGgB Bank PLC has laid emphasis on agriculture, agro-industries,
import substitution projects, SME-based energy projects and
wfwËK Ges Kg©ms¯’vb m„wóKvix cÖKímgy‡n we‡klfv‡e bRi

w`‡”Q| e¨vsK mgv‡Ri wewfbœ †kÖYxi MÖvnK‡ì Rb¨ bZzb bZzb other employment generating activities. It has launched new
†cÖvWv± D™¢veb K‡i‡Q| cÖwZ‡hvwMZvgyjK evRv‡i wb‡R‡ì products for different sections of the community. To sustain
its position in the competitive market, all of 1,230 local
Ae¯’vb a‡i ivLvi j‡ÿ¨ MÖvnK‡mevi gv‡bvbœq‡b B‡Zvg‡a¨ branches of the Bank has been taken to automation with
e¨vs‡Ki ‡`kxq 1,230wU kvLvi me¸‡jv‡KB wmweGm Gi CBS installation successfully to provide improved customer
AvIZvq Avbv n‡q‡Q| GQvov ê‡`wkK †iwgU¨vÝ Avni‡Yi services. Besides, a web-based software developed in-house
j‡ÿ¨ e¨vs‡Ki wbR¯^ D™¢vweZ ÔÔ†iwgU¨vÝ g¨v‡bR‡g›U wm‡÷g called “Remittance Management System Plus” (RMSPlus)
has been installed at 1,230 branches for receiving foreign
cøvm (AviGgGm cøvm)ÕÕ 1,230wU kvLv‡ZB Bb÷j Kiv remittances. Inland and foreign remittance transactions are
n‡q‡Q| Af¨šÍixY I ‰e‡`wkK †iwgU¨vÝ GB wm‡÷‡gi gva¨‡g now carried out using this system. The capacity building of
cwiPvwjZ n‡”Q| Kg©KZ©v-Kg©Pvix‡ì Kg©`ÿZv e„w× e¨vs‡Ki employees has been identified as the major reform agenda.
wPwýZ gyL¨ D‡`¨vM| G j‡ÿ¨ Kg©xevwnbxi `ÿZv I Kg©ÿgZv The Bank has been continuing its efforts to improve the
efficiency of employees and effectiveness of service delivery
e„w×i Rb¨ e¨vsK wbqZ cÖ‡Póv Pvwj‡q hv‡”Q| mechanism.
e¨vswKs eëmvq g~ jab ch© vßZv AZ¨šÍ My i æZ¡ c ~ Y © | eZ© g v‡b Maintaining adequate capital is very important in banking
business. Currently there is a considerable surplus of
e¨vs‡Ki g~j ab wKQz U v m‡šÍ vlRbK ch© v‡q i‡q‡Q| g~ j ab capital in the Bank. To maintain the surplus capital, bank
m‡šÍvlRbK ch© v‡q ivLvi j‡ÿ¨ e¨vsK †kÖ wYK… Z F‡Yi has undertaken a number of steps like bringing down
nvi GK As‡K bvwg‡q Avbv, Avq evov‡bv, Ae‡jvcbK… Z the percentage of classified loans to a single digit, raising
FY †_‡K Av`vq, bb-dv‡ÛW eëmv n‡Z Avq e„ w ×mn income to a satisfactory level, recovery of written-off
wewfbœ Kvh©µg nv‡Z wb‡q‡Q| D™¢ ‚ Z Sz u wK †gvKv‡ejvq loans, increasing income from non funded business
e¨vsK MvBWjvBb cÖ `vb K‡i‡Q Ges EaŸ© Zb I ga¨g and so on. To mitigate the emerging risks, the Bank has
introduced guidelines for this purpose and has been
ch©v‡qi wbe©vnx‡ì cÖ wkÿY cÖ `vb Ki‡Q| providing training to senior and mid-level executives.
AwWUi wb‡qvM Appointment of Auditors
û`v fvwm †PŠayix GÛ †Kvs Ges nvIjv`vi BDbym GÛ Hoda Vasi Chowdhury & Co. and Hawladar Yunus &
†Kvs, PvUvW© GKvD›U¨v›Um dvg©Øq e¨vs‡Ki 2023 mv‡ji Co., Chartered Accountants, carried out the audit of the
Bank in 2023. Audit firms will be appointed for 2024 in
wbixÿv Kvh©µg m¤úbœ K‡i‡Q| e¨vs‡Ki Avmbœ 17Zg the upcoming 17th Annual General Meeting.
evwl©K mvaviY mfvq 2024 mv‡ji wbixÿv Kvh©µg m¤ú‡bœi
Rb¨ AwWU dvg© wb‡qvM Kiv n‡e|
K…ZÁZv ¯^xKvi Acknowledgements
e¨vs‡Ki cwiPvjbv cl© ` Gi m`m¨MY e¨vs‡Ki The members of the Board of Directors of the Bank
AvgvbZKvix, FYMÖ nxZv, c„ ô ‡cvlK, ïfvby a¨vqx, wbixÿK would like to place on record their gratitude to the
depositors, customers, patrons, well-wishers, auditors
I Ab¨vb¨ ¯^v_© mswkø ó‡ì wbKU Zu v‡ì Ae¨vnZ mg_© b I
and other stakeholders for their continued support
mn‡hvwMZvi Rb¨ K… ZÁZv Ávcb Ki‡Q| Zu v‡ì µgvMZ and cooperation, without which the Bank would
mg_©b, mn‡hvwMZv I w`K wb‡`© kbvq e¨vsK G Ae¯’ v ‡b not have been able to make progress. We are also
†cuŠQv‡Z ‡c‡i‡Q| Avgiv evsjv‡`k miKv‡ii we‡klZt indebted to the Financial Institutions Division of the
A_© gš¿Yvj‡qi Avw_© K cÖ wZôvb wefvM, evsjv‡`k e¨vsK, Ministry of Finance, Bangladesh Bank, Bangladesh
evsjv‡`k wmwKDwiwUR GÛ G·‡PÄ Kwgkb, Awdm Ae Securities and Exchange Commission, Office of
`¨v †iwR÷ªvi Ae R‡q›U ÷K †Kv¤úvbxR GÛ dvg© m Ges the Registrar of Joint Stock Companies and Firms
mswkøó miKvwi ms¯’ vi wbKU Zv‡ì Ae¨vnZ mg_© b I and other relevant government agencies for their
cooperation and guidance.
civgk© `v‡bi Rb¨ K… ZÁZv Rvbvw”Q|
e¨vs‡Ki mvwe©K DbœwZK‡í wPd Gw·wKDwUf Awdmv‡ii The unrelenting efforts put in by senior management
†bZ…‡Z¡ wmwbqi g¨v‡bR‡g›Umn e¨vs‡Ki mKj ¯Í‡ii team and the members of staff under the leadership
of the Chief Executive Officer to bring about overall
Kg©KZ©v-Kg©PvixM‡Yi AvšÍwiK wbijm cÖ‡Póv we‡klfv‡e
improvement in the Bank’s business performance
cÖksmvi `vex iv‡L| deserve special appreciation.
cwiPvjbv cl©` Gi c‡ÿ On behalf of the Board of Directors
(wRqvDj nvmvb wmwÏKx) (Ziaul Hasan Siddiqui)

†Pqvig¨vb Chairman

SONALI BANK PLC
CORPORATE GOVERNANCE REPORT

Sonali Bank PLC (SBPLC) was registered as a Public Limited Company under the Companies Act, 1994 on 03 June, 2007
with the Registrar of Joint Stock Companies and Firms. Bangladesh Bank issued Banking License on 05 June, 2007
under the Bank Company Act, 1991 (amended in 2023). SBL took over the business of Sonali Bank on 15 November,
2007 with all its assets, liabilities, benefits, rights, powers, authorities, privileges, borrowing and obligations as a going
concern under a Vendor’s agreement signed between the Government of the People’s Republic of Bangladesh and
SBL with retrospective effect from 01 July, 2007. Since then, it enjoys the status of a corporate entity focusing on
ensuring proper delegation, transparency and accountability in the organization through its corporate governance
policies and practices. The Bank is structured and developed in accordance with the accepted corporate governance
practices and guidelines set by Bangladesh Bank and the Bangladesh Securities and Exchange Commission’s (BSEC)
notifications in this regard. As a 100% state owned commercial bank, it attaches utmost priority in ensuring a well
defined corporate governance standard.
I. Corporate Culture: Board of Directors, Chairman and Chief Executive Officer

I.a. Formation of Board of Directors:
The newly amended Section 15 of the Bank Company Act, 1991 (amended in 2023) includes provisions for prior
approval of Bangladesh Bank before the appointment of new bank directors, as well as dismissal, termination or
removal of any director from the post; director’s fit & proper criteria; maximum number of directors; appointment of
independent directors; etc.
l.a.1. Size of the Board of the Bank:
The number of the Board members is within the range set by the Bank Company Act-1991 (amended in 2023),
Bangladesh Bank and the Articles of Association of the Bank and Bangladesh Securities and Exchange Commission
notification No. BSEC/ CMRRCD/2006- 158/207/Admin/80 of 03 June 2018. All Directors of SBPLC are Non-Executive
Directors except the Managing Director. At present, the Board comprises of the following members including the
Managing Director.
SI. Name Status with the Bank

1. Mr. Ziaul Hasan Siddiqui Chairman
2. Mr. A.B.M Ruhul Azad Director
3. Mr. A. K. M. Kamrul Islam FCA, FCS Director (Retired on 09.02.2023)
4. Mr. Ishtiaque Ahmed Chowdhury Director (Retired on 25.10.2023)
5. Dr. Daulatunnaher Khanam Director
6. Mr. Molla Abdul Wadud Director
7. Professor Dr. Mohammad Kaykobad Director
8. Dr. Md. Matiur Rahman Director
9. Dr. Abul Kalam Azad Director
10. Mr. Gopal Chandra Ghosh Director (Joined on 07.03.2023)
11. Mr. Md. Afzal Karim Chief Executive Officer
I. a.2. Appointment of Directors:

Under section 15(4) of the Bank Company Act, 1991 (amended in 2023), every banking company, other than
specialized banks, at the time of taking prior approval from Bangladesh Bank for appointing/ re-appointing directors
should furnish the following documents along with the application:
a. Personal information of the nominated person;
b. Nominated person’s declaration;
c. ‘Declaration for confidentiality’ by the nominated person;
d. In case of Independent director, the approval letter from Bangladesh Securities and Exchange commission;
e. In case of Independent director, a declaration of the directors concern;
f. CIB report of the nominated person;
g. Updated list of the Directors.

The members of the Board of Directors of SBPLC are appointed as per the provision of the Companies Act-1994, the
Bank Company Act-1991 (Amended in 2023) and Memorandum and Articles of Association of the Bank. SBPLC always
complies with the guidelines of Bangladesh Bank regarding appointment of Directors.
I.a.3. Independent Director:
All the members of the Board, as nominated by the Government, are professionally and financially literate and
experienced. In line with the requirement of the notification of Bangladesh Securities and Exchange Commission
guidelines, all of the Directors of SBPLC are justifiably considered as independent Director. It is because:
a) Each of the Directors holds less than one percent (1%) shares of the total paid up capital of the Bank;
b) On the basis of family relationship, the Directors are not connected with the Bank’s shareholder who holds one
percent (1%) or more shares.
c) The Directors are not sponsors of the company.
d) The members of the family of the Directors also do not hold any share of the company.
I.a.4. Board members’ independence:
Members of the Board actively take part in deliberations in Board meetings on various issues as they are independent
in expressing their views and opinions freely. They don’t have any sorts of business relationship or involvement with
the Bank management.
I.a.5.lnformation regarding Directors:

Banks take the following steps regarding Director information:
a) Keep an updated list of bank Directors.

b) Banks send a Directors’ list to other banks or financial institutions immediately after the appointment or release
of Director.
c) Banks display a list of Directors in the website and update it on a regular basis.
I.a.6. Chairman of the Board and Chief Executive Officer:

Two separate individuals occupy the positions of the Chairman of the Board and the Chief Executive Officer. The
Chairman of the Bank is nominated by the Government and duly approved by the Board. The Board also approves
the roles and authorities of the Chairman and CEO which have been clearly defined in BRPD Circular No. 11 and 18
of 27 October 2013 and articles of association of the Bank.
I.a.7. Responsibilities of the Board of Directors

To ensure good governance in the Bank management it is essential to have specific demarcation of responsibilities
and authorities among controlling bodies over bank affairs. In the Bank Company Act, 1991 (amended in 2023)
the newly included Section 15(kha) & (ga) give responsibility to the Board of Directors for establishing policies for
the Bank company, for risk management, internal controls, internal audit and compliance and for ensuring their
implementation. In line with the directions of BRPD circular 11 /2013 the BOD takes the following responsibilities:
a) Work-planning and strategic management e) Financial management

b) Credit and risk management f) Appointment of Managing Director and CEO
c) Internal control management g) Regulatory responsibilities
d) Human resources management and development h) Formation of Board supporting committees
I.b. Responsibilities of the Chairman of the Board of Directors:

As the Chairman of the Board of Directors (or Chairman of any committee formed by the Board or any Director) does
not personally possess the jurisdiction to apply executive authority, he does not participate in, or interfere with the
administrative or operational and routine affairs of the Bank, rather he conducts on-site inspection of any bank-branch
or financing activities under the purview of the oversight responsibilities of the Board. He calls for information relating
to bank’s operation or asks for inquiry into such affairs; he submits such information or investigation report to the
meeting of the Board or the Executive Committee and with the approval of the Board, he effects necessary action
thereon in accordance with the set rules through the CEO.

SONALI BANK PLC
I.b.1. Responsibilities and authorities of the Chief Executive Officer
The Chief Executive Officer of the Bank discharges the responsibilities and affects the authorities as follows:
a) In terms of the financial, business and administrative authorities vested upon him by the board, the CEO & MD
discharges his own responsibilities. He remains accountable for achievement of financial and other business targets
by means of business plan, efficient implementation thereof and prudent administrative and financial management.
b) The CEO & MD ensures compliance of the Bank Company Act, 1991 and other relevant laws and regulations in
discharging routine functions of the Bank.
c) At the time of presenting any memorandum in the Board Meeting or Board Committee Meeting, the CEO & MD points
out if there is any deviation from the Bank Company Act, 1991 (amended in 2023) and other relevant laws and regulations.
d) The CEO & MD reports to Bangladesh Bank of any violation of the Bank Company Act, 1991 (amended in 2023)
or of other laws/regulations.
e) The recruitment and promotion of all staffs of the bank except those in the two tiers below him rests on the CEO
& MD. He acts in such cases in accordance with the approved service rules on the basis of the human resources
policy and sanctioned strength of employees as approved by the Board.
f) The authority relating to transfer and disciplinary measures against the staff, except those at two tiers below the
CEO & MD, rests on him, which he applies in accordance with the approved service rules. Besides, under the
purview of the human resources policy as approved by the Board, he nominates Officers for training etc.
I.c. Appointment of Chief Financial Officer (CFO) and Chief Information Technology Officer (CITO)
Mr. Md Iqbal Hossain, ACMA, CFA, FRM is a proud finance professional with 18 years of enhancing central banking,
commercial banking and brand management experience. He joined in the Sonali Bank PLC as Chief Financial Officer
and General Manager in April 2023 and is leading the esteemed team of the Central Accounts, Treasury Management
and MIS of the bank. He is also the Head of Treasury of the Bank. He is a Director of the Sonali Investment Limited, a
merchant bank wholly-owned by the Sonali Bank PLC.
Prior to joining in the current role, he served the Bangladesh Bank (central bank) as an Additional Director, in charge
of the Central Accounts of the country’s largest and most diverse financial statements. He served in the Foreign
Exchange Policy Department, Banking Regulation and Policy Department and Department of Financial Institutions
and Markets of Bangladesh Bank in various capacities.
Throughout the career, he has made numerous contributions for the sectoral development. He has contributed for
new avenues of inclusive banking through regulatory permission of 5 new banks, new guidelines for Agent Banking
(2017), Subbranch Banking (2018) and Offshore banking (2019). He took the initiative and developed first-of-its-kind
a Cost of Funds Index (CoFI) and Base Rate System. Mr. Iqbal worked for implementing CAMELS rating and Stress
Testing in the financial sector. He also worked with other Prudential guidelines, Core Risk Management, Risk based
Capital adequacy: Basel-I, II & III, Internal Credit Risk Rating, Inspection (both comprehensive and special) etc. As
formal acknowledgment he received the ‘Bangladesh Bank Employee Recognition Award 2012’ and Governor’s
formal ‘Letter of Appreciation’ several times.
Besides being a Professional Accountant, a CFA Charter holder and a Certified FRM, Mr. Iqbal Hossain is also a
Diplomate Associate of the Institute of Bankers’ Bangladesh (DAIBB). He holds Master of Economics and Econometrics
(University of Sydney, Australia), BBA & MBA (University of Chittagong, Bangladesh). He received as well as conducted
many physical and online training in Bangladesh and abroad. He participated in a good number of finance related
foreign trainings and visited USA, Australia, South Korea, Malaysia, Singapore, China, Thailand, India, Kenya and
Tanzania.
Mr. Hossain is an elected Councilor of Dhaka Branch Council of the ICMAB and Secretary of the CFA Society Bangladesh.
Mr. Hossain’s career objective is to contribute in the economic development of the country through working for a
sustainable financial infrastructure. He is eager to contribute in the betterment of human life through working for a
responsible, equitable, fair, inclusive and sustainable financial infrastructure.
Mr. Mohammad Rezwan Al Bakhtiar, Chief Information Technology Officer of the Sonali Bank, has been appointed
based on the competency following the circular of the Bank and guidelines of the Bangladesh Bank.
I.d. Appointment of Company Secretary and Head of Internal Audit

To ensure the world’s best corporate governance practices, a high executive (General Manager) has been deployed
to carry on the secretarial functioning and another General Manager has been deployed as the Head of Internal Audit
to strengthen the overall internal control and compliance.

I.e. Evaluation of the functioning of CEO and Managing Director by the Board
The Board of SBPLC has a policy to evaluate the CEO and Managing Director annually through various reports
like performance report of the Bank, taking status of various assignments given by the Board to the CEO and the
management, taking implementation status of budget, operational results etc.
I.f. Annual evaluation of the functioning of CFO by the Management

In line with the terms of reference of appointment, the performance of the CFO is evaluated by the management at
a regular interval.
I.g. Number of Board meetings in 2023

49 (Forty Nine) Board meetings of the SBPLC were held in 2023. A detailed statement showing number of Board
meetings held and status of participation of the Directors is given below:
Status with Honourium

SI. Name Meeting Held Attended Remarks
the Bank Received*
1 Mr. Ziaul Hasan Siddiqui Chairman 49 48 384,000 -
2 Mr. A.B.M Ruhul Azad Director 49 49 392,000 -
3 Mr. A K M Kamrul Islam, FCA,FCS Director 49 5 40,000 (Retired on09.02.2023)
4 Mr. Ishtiaque Ahmed Chowdhury Director 49 38 304,000 (Retired on25.10.2023)
5 Dr. Daulatunnahar Khanam Director 49 46 368,000 -
6 Mr. Molla Abdul Wadud Director 49 49 392,000 -
7 Professor Dr. Mohammad Kaykobad Director 49 47 376,000 -
8 Dr. Md. Matiur Rahman Director 49 45 360,000 -
9 Dr. Abul Kalam Azad Director 49 48 384,000 -
10 Mr. Gopal Chandra Ghosh Director 49 33 264,000 (Joined on 07.03.2023)
11 Mr. Md. Afzal Karim CEO & MD 49 48 - -
*Tk 8000.00 per meeting
II. BOARD COMMITTEES

ll.a. Executive Committee
As per the BRPD circular No. 11 of 27 October 2013, an Executive Committee has been formed with Directors for quick
decision on urgent matters and execution of routine work in between the Board meeting. Executive Committee performs
according to their terms of reference determined by the Board of Directors in line with Bangladesh Bank guidelines.
Executive Committee
4 Mr. Md. Afzal Karim CEO & MD Member
II.a.1. Organizational structure:
i. Members of the committee are nominated by the Board of Directors from themselves;
ii. The Executive Committee comprises of maximum 06 (six) members;
iii. Members are appointed for a 03 (three)-year term of office;
iv. Chairman of the Board of Directors is the Chairman of Executive Committee;
v. Company Secretary of the Bank is the Secretary of the Executive Committee.

SONALI BANK PLC
II.a.2. Qualifications of the Members:

i. Integrity, dedication, and opportunity to spare time in the functions of committee are considered while nominating
a Director to the committee;
ii. Each member is capable of making valuable and effective contributions in the functioning of the committee;
iii. To perform his or her role effectively each committee member has adequate understanding of the detailed
responsibilities of the committee membership as well as the bank’s business, operations and its risks.
II.a.3. Roles and Responsibilities of the Executive Committee:
i. The Executive Committee can decide or can act in those cases as instructed by the Board of Directors that are
not specifically assigned on full Board through the Bank Company Act, 1991 and other laws and regulations.
ii. The Executive Committee can take all necessary decisions or can approve cases within power delegated by the
Board of Directors.
iii. All decisions taken in the Executive Committee should be ratified in the next Board meeting.
ll.a.4. EC Meetings in 2023

i. The Executive Committee sits anytime as it may deem fit. 06 (Six) meetings of the Executive Committee were
held in 2023. A statement on Executive Committee is given below:
Status with the Honourium

SI. Name Meeting Held Attended Remarks
Bank Received*
1 Mr. Ziaul Hasan Siddiqui Chairman 6 6 48,000 -
4 Mr. Md. Afzal Karim CEO & MD 6 6 - -
ii. The committee invites Chief Executive Officer, Head of Internal Audit or any other Officer to its meetings, if it
deems necessary;
iii. To ensure active participation and contribution by the members, a detailed memorandum is distributed to
committee members well in advance before each meeting;
iv. All decisions/observations of the committee are noted in minutes.
ll.b. Audit Committee
As per Bangladesh Securities and Exchange Commission notification No. SEC/ CMRRCD/ 2006-158/134/Admin/44
of 07 August 2012, SBPLC has an Audit Committee as a sub-committee of the Board of Directors in order to strictly
observe the terms of references issued by Bangladesh Bank BRPD Circular No. 11 of 27 October 2013. The Audit
Committee assists the Board of Directors in ensuring internal control system. It also certifies that the financial
statements reflect true and fair view of the state of affairs of the company. It issues guidelines for ensuring a good
monitoring system within the business.
II.b.1. Organizational structure:
i. Members of the committee are nominated by the Board of Directors from the Directors;
ii. The Audit Committee comprises of maximum 05 (five) members,
iii. Audit Committee comprises with Directors who are not Executive Committee members;
iv. Members are appointed for a 03 (three) year term of office;
v. Company Secretary of the Bank is the Secretary of the Audit Committee.

Audit Committee
02 Dr. Daulatunnahar Khanam Director Member
II.b.2. Qualifications of the Members:
i. Integrity, dedication, and opportunity to spare time in the functions of committee are considered while nominating
ii. Each member is capable of making valuable and effective contributions in the functioning of the committee;
iii. To perform his or her role effectively each committee member has adequate understanding of the detailed
iv. Professionally experienced persons in banking/ financial institutions specially having educational qualification in
Finance, Banking, Management, Economics, Accounting gets preference in forming the committee.
II.b.3. Roles and Responsibilities of the Audit Committee
(i) Internal Control:

1. Evaluate whether management is setting the appropriate compliance culture by communicating the
importance of internal control and the management of risk and ensuring that all employees have clear
understanding of their roles and responsibilities;
2. Review management’s actions in building computerization of the bank and its applications and bank’s
Management Information System (MIS);
3. Consider whether internal control strategies recommended by internal and external auditors have been
implemented by the management;
4. Consider reports relating to fraud, forgery, deficiencies in internal control or other similar issues detected by
internal and external auditors and inspectors of the regulatory authority and place it before the Board after
reviewing whether necessary corrective measures have been taken by the management.
(ii) Financial Reporting:
1. Audit Committee checks whether the financial statements reflect the complete and concrete information
and determine whether the statements are prepared according to the existing rules & regulations and
standards enforced in the country and as per relevant prescribed accounting standards set by Bangladesh
Bank;
2. Discuss with management and the external auditors to review the financial statements before its finalization.
II.b.4. Meetings of the Committee
10 (Ten) meetings of the Committee were held in 2023. A statement on Audit Committee is given below:
Status with the Meeting Honourium

SI. Name Attended Remarks
Bank Held Received*
1 Mr. Gopal Chandra Ghosh Director 10 9 72,000 (Joined on 07.03.2023)
(Retired on
2 Mr. A.K.M. Kamrul Islam FCA, FCS Director 10 1 8,000
09.02.2023)
3 Mr. Ishtiaque Ahmed Chowdhury Director 10 7 56,000 (Retired on 25.10.2023)
6 Dr. Md. Matiur Rahman Director 10 - - -

SONALI BANK PLC
(iii) Internal Audit:

1. Audit Committee monitors whether internal audit working independently from the management.
2. Reviews the activities of the internal audit and the organizational structure and ensure that no unjustified
restriction or limitation hinders the internal audit process;
3. Examines the efficiency and effectiveness of internal audit function;
4. Examines whether the findings and recommendations made by the internal auditors are duly considered by
the management or not.
(iv) External Audit :

1. Reviews the performance of the external auditors and their audit reports;
2. Examines whether the findings and recommendations made by the external auditors are duly considered by
the management or not.
3. Makes recommendations to the Board regarding the appointment of the external auditors.
(v) Compliance with Existing laws and Regulations:

Reviews whether the laws and regulations framed by the regulatory authorities (Central Bank and other bodies)
and internal regulations approved by the Board are being complied with.
(vi ) Other Responsibilities:

1. Submits compliance report to the Board on quarterly basis on regularization of the omission, fraud and forgeries
and other irregularities detected by the internal and external auditors and inspectors of regulatory authorities;
2. External and internal auditors submits their related assessment report, if the committee solicit;
3. Performs other oversight functions as desired by the Board of Directors and evaluates the committee’s own
performance on a regular basis.
II.b.4. Head of Internal Audit’s access to Audit Committee

Head of internal control and compliance has direct access to the Audit Committee and he attends the Audit
Committee meetings regularly.
II.c. Risk Management Committee

ll.c.1. Organizational Structure:
1. Members of the committee are nominated by the Board of Directors from themselves;
2. The Risk Management Committee comprises of maximum 05 (five) members;
3. Members are appointed for a 03 (three) year term of office;
4. Company Secretary of the Bank is the Secretary of the Risk Management Committee.
As per the Bank Company Act, 1991 (amended in 2023) and BRPD circular No. 11/2013, SBPLC has formed the Risk
Management Committee approved by the Board of Directors comprising 04 (four) members which are disclosed below:

2 Dr. Daulatunnahar Khanam Director Member
II.c.2. Qualifications of the Members:
1. Integrity, dedication, and opportunity to spare time in the functions of committee are considered while nominating
2. Each member is capable of making valuable and effective contributions in the functioning of the committee;
3. To perform his or her role effectively each committee member has adequate understanding of the detailed

II.c.3. Roles and responsibilities of the Committee
(i) Risk identification & control policy:
Formulation and implementation of appropriate strategies for risk assessment and its control is the responsibility of
the Board Risk Management Committee. Board Risk Management Committee monitors risk management policies
& methods and amend it if necessary. The committee reviews the risk management process to ensure effective
prevention and control measures.
(ii) Construction of organizational structure:
The responsibility of Risk Management Committee is to ensure an adequate organizational structure for managing risk
within the bank. The Risk Management Committee supervises formation of separate management level committees and
monitors their activities for the compliance of instructions of lending risk, foreign exchange transaction risk, internal control
&compliance risk, money laundering risk, information & communication risk including other risk related guidelines.
(iii) Analysis and approval of Risk Management policy:
Risk management policies & guidelines of the Bank is reviewed annually by the committee. The committee proposes
amendments if necessary and send it to the Board of Directors for their approval. Besides, other limits including
lending limit are reviewed at least once annually and is amended, if necessary.
(iv) Storage of data & Reporting system:
Adequate record keeping & reporting system developed by the Bank management is approved by the Risk Management
Committee. The committee ensures proper use of the system. The committee minutes its proposal, suggestions and
summary in a specific format and informs the Board of Directors.
(v) Monitoring the implementation of overall Risk Management Policy:
Board Risk Management Committee monitors proper implementation of overall risk management policies. They monitor
whether proper steps have been taken to mitigate all risks including lending risk, market risk, and management risk.
(vi) Other responsibilities:
1. Committee’s decision and suggestions are submitted to the Board of Directors quarterly in short form;
2. Comply instructions issued time to time by the controlling body;
3. Internal & external auditors submit respective evaluation report whenever required by the committee.
II.b.4. Meetings of the Committee
Status with Meeting Honourium

SI. Name Attended Remarks
the Bank Held Received*
2 Mr. Ishtiaque Ahmed Chowdhury Director 8 7 56,000 (Retired on 25.10.2023)
III. INTRNAL CONTROL AND COMPLIANCE RISK MANAGEMENT
Internal control and compliance policy is the policies and procedures established and implemented alone, or in concert
with other policies or procedures, to manage and control a particular risk or business activity, or combination of risks
or business activities, to which the Bank is exposed or in which it is engaged. It refers to the mechanism in place on
a permanent basis to control the activities in an organization, both at a central and at a departmental/ divisional level.
III.a. Internal control Objectives
The primary objective of internal control system in SBPLC is to help the Bank perform better through the use of
its resources. Through internal control system Bank identifies its weaknesses and takes appropriate measures to
overcome the same. The main objectives of internal control are as follows:
• Performance objectives: To maintain the efficiency and effectiveness of overall operating activities.
• Information objectives: To ensure the reliability, completeness and timelines of financial and management information.
• Compliance objectives: To ensure the robust compliance with applicable laws and regulations.

SONALI BANK PLC
III.b. Establishment of internal control and compliance
The Board of SBPLC is entrusted to establish suitable system of internal control and compliance. SBPLC has formed
MANCOM (Management Committee) to identify measure, monitor and control the risks through framing required policies
and procedures with the approval of the Board of Directors. The policy of managing operational risk through internal
control and compliance is approved by the Board taking into account the relevant guidelines of Bangladesh Bank.
In setting out a strong internal control framework within the organization, the MANCOM of Sonali Bank is responsible
for overall management of the Bank. The committee puts in place policies and procedures to identify measure,
monitor and control these risks and monitors the adequacy and effectiveness of the internal control system based on
the Bank’s established policy and procedure.
III.c. Key features of ICC of the Bank
Bank has a sound, efficient and effective internal control and compliance system. The Bank’s Board, Audit Committee, Head
of ICC, CEO & MD and senior management (MANCOM) ensure that appropriate internal controls are in place. All employees
are ultimately responsible for operating and maintaining an efficient internal control system at their respective levels.
Typically, management’s internal control system has components which direct attention to various areas and functions
within the Bank. Among these components are:
1. Control Environment
2. Communication
3. Assessing and Managing Risk
4. Control Activities and
5. Monitoring
Bank has sound policy guidelines in order to ensure an effective control over its process in various fields i.e. credit,
human resources, finance and accounts, treasury, audit, customer service etc. It has been suggested that there
should be policy guidelines/manuals for each Division’s function which may be as follows:
a. Credit Policy Manual/Guidelines.
b. Operations Manual
c. Finance & Accounting Manual
d. Treasury Manual
e. Human Resource Policy/ Manual
f. Internal Control & Compliance Policy/Manual
g. Loan Review Policy
h. Assets Liabilities Management Policy,
i. Liquidity Management Policy
j. Various Risk Management Policy/Guidelines.
Bank has a separate and independent Audit & Inspection Mechanism. Under ICC, currently there are three separate
divisions i.e. Audit & Insp. Division, Control and Monitoring Divisions and Compliance Division. Each head of the
divisions works independently and separately reports to audit committee and board if required. Internal Control
and Compliance Division of SBL is responsible for checking compliance of internal control system. Any deviation is
reported to the top management, Audit Committee and to the Board and necessary steps is taken to rectify the same
as soon as possible. As per Bangladesh Bank guidelines and to strengthen the control and compliance mechanism,
at present, ICCD acts as an ICC secretariat. Inspection and Audit Division, MISD, Vigilance and Control Division are
now working as ICC’s functions.
In line with section 15 (c) of Bank Company Act 1991 (amended in 2013), SBPLC has formulated the following new
detailed structure of ICC which will be in operation within the shortest possible time:
III.d. Annual review of ICC policy by the Board
The Board of Directors at a regular interval reviews the internal control system and necessary modification is done to
improve the system and to incorporate latest changes in the technology.
III.e. Regulatory inspection
A comprehensive inspection has been conducted by Bangladesh Bank on Head Office and selected branches in 2023 covering the
position of 31 December 2023. Major core risks areas likely credit risk, foreign exchange risk, ICC risk etc. have been addressed.

III.f. Statutory audit
The Board appointed Hoda Vasi Chowdhury & Co. and Hawladar Yunus & Co., Chartered Accountants, to carry on
statutory audit of the Bank for the financial year 2023. Both the audit firms selected 60 (sixty) branches and Head
Office as a part of their annual audit program in combine which covers more than 80% of the risk weighted assets of
the Bank. After completion of audit functioning, the statutory auditors issued a clean report to the shareholders on
the Financial Statements of the Bank for the period ended 31 December 2023.
To avoid the conflict of interest, SBPLC does not engage its statutory auditors to perform the following services:
A. Internal audit services
B. Valuation services
C. Actuarial services
D. Corporate governance certification
E. Financial system designs
F. Broker dealer services or
G. Any other services as deemed appropriate by the Audit Committee and the Board.
Board of Directors
Executive Audit Risk Management

Committee Committee Committee
CEO & MD
MANCOM Departmental
Risk Management
Head of ICC
Head of Control Head of Audit Head of Complince
Control & Monitoring Audit & Inspection Audit & Inspection Foreign Exchange Compliance Compliance
Division (CMD) Division (AID-1) Division (AID-2) Audit & Inspection Division Internal Division External
Audit & Inspection up to Compliance up tp Bangladesh Bank
Branch Corporate Level Branch All Ad coporate Branch Audit Compliance
Department All branches & Compliance of foreign Commercial Audit Com.
Division & Div. Office, Dept. Controlling
Branches Foreign exchange Audit & Foreign
Controlling Offices (GMo, Po, Ro) Branches & Subsidiaries Statutory Audit Com.
(Below branches/
Offives Audit Cell- Local Corporate sub. Compliance of the rest of Others External Audit Com.
(GMO, Po, Ro) Office/Corporate level) the branch and others.
III.g. Review of Corporate Governance of the Bank by third party

Whether best practices corporate governance culture is prevailing in the Bank or not, independent evaluator, Anil
Salam Idris & Co, Chartered Accountants, has been appointed for the year 2023 to evaluate the practice of corporate
governance and issue a certificate. Accordingly in line with the BSEC circular, they carry on the assignment and issued
a satisfactory certificate regarding the same.
IV. RISK MANAGEMENT

IV. a.1. Risk management methodology
SBPLC’s risk management strategy is based on a clear understanding of various risk, discipline risk assessments,
measurement procedures and continuous monitoring. SBPLC continues to focus on improving its Risk Management
System not only to ensure compliance with regulatory requirements but also to ensure better risk- adjusted return
and optimal capital utilization keeping in mind of the business objectives. For sound risk management, SBL manages
risk in Strategic layer, Managerial layer and Operational layer.
Risk Management activities of Bank can be divided into following ways:

1 Risk Identification
2 Risk Analysis
3 Risk Measurement
4 Risk Price
5 Risk Monitoring and Controlling
6 Risk Mitigation

SONALI BANK PLC
IV.a.2. Method of Risk Mitigation:
SBPLC has separate mitigation methodology for each risk. The vital and first step of risk mitigation is the identification
and analysis of risks. To do that a Risk Management Paper is prepared covering all potential risks in banking. The Risk
Management Committee discusses on the paper in its monthly meeting, find out the risks, gives direction to mitigate
them. Risk Management Division has introduced Risk Management Check List (RCL) for attaining ‘Satisfactory rating
on various segments of core risks through proper implementation of Core Risk Management Guideline, which is
being maintained at all offices/ branches of the Bank.
V. MORAL ISSUES, ETHICAL STANDARDS AND COMPLIANCE
SBPLC takes care of both the dimensions (the way they operate and the types of companies they finance) in its operation,
many ethical issues such as the environmental conduct of business customers are now a part of standard risk assessment
and prudent banking. It is becoming increasingly common practice for banks to have established guidelines for their
staff on the major ethical issues covered. SBPLC has been trying to follow the Equator Principles, a set of guidelines
developed by the banks for managing social and environmental issues related to the financing of development projects.
VI. PROCESS OF REMUNERATION
Separate committee of the Board on remuneration has not been formed in SBPLC as it is not permitted by the
Bangladesh Bank. Being a state owned commercial bank, fixation and payment of remunerations to every level of
employees is done by Human Resources Division as per the national pay scale.
VI. a. Remuneration of Directors, Chairman and Managing Director
As per Bangladesh Bank BRPD Circular No 11/2015, the Directors receive remuneration of Tk. 8,000.00 (Eight thousand)
for attending a Board meeting or any committee meeting. The lists of total meetings held and remuneration paid to
the Directors, Chairman and Managing Director are shown in this report.
VII. HUMAN RESOURCES
Over the years, SBPLC has made significant progress towards building resilient organization by focusing on strategic
workforce planning, talent attraction and management and leadership development by sustainable recruiting of
valuable resources. The aim of Human Resources Division of SBPLC is to take initiatives to explore the unexplored
latent qualities in our manpower and provide them with proper training which includes on-job and off-job training,
attending different seminars and conferences related to skill development, job rotation and time to time counseling
in order to strengthen the relationship with the stakeholders. Also as a part of welfare to the employees, SBPLC
provides provident fund facility, gratuity fund, death cum retirement benefits, leave encashment, two festival bonuses,
employee house building loan scheme, motor cycle loan scheme, car loan scheme for the executives, computer loan
scheme, recognition and monetary award for brilliant results by the children of the employees, children education
allowance, honorarium for passing Banking Diploma Examination and extend urgent support to the staffs in case of
death claim, retirement, accidents and other emergency cases.
VII.a. Human Resources Accounting
The strategy and methodology to determine the value of human resources is called Human Resources Accounting.
SBPLC calculated the value of human resources applying the best practice of Human Resource Accounting from the
year 2014 till date and also disclosed in the annual report.
VIII. COMMUNICATION WITH SHAREHOLDERS AND STAKEHOLDERS
SBPLC follows specific policy to facilitate effective communication with the shareholders. Shareholders and others
may contact at any time to Public Relations Division of Head Office for any sort of information and query. SBPLC
provides updated information in its website for all the shareholders as well as the stakeholders. In order to make the
AGM more participatory, it is arranged in a well-known place and convenient time to allow shareholders to speak in
the AGM freely for their valuable suggestions.
In order to retain the sustainability, SBPLC also continuously maintains a large means to communicate and engage
with its stakeholders. With the diverse nature of stakeholders, SBPLC always strategically defines its key stakeholder

audience with a view to ensuring pragmatism in engagement and reporting. SBPLC classifies its key stakeholders as
employees, customers, shareholders and investors, suppliers and service providers, government and other regulators,
communities and environment. Through stakeholders’ inclusiveness and strategic engagement, SBPLC achieves
conclusive and positive outcomes for each of the identified stakeholders.
IX. ENVIRONMENTAL AND SOCIAL OBLIGATIONS
Presently the issue of climatic change is being addressed seriously all over the world. Bangladesh, being in southern
delta, is under serious threat of natural disaster. A detailed discussion regarding environment and social obligation of
SBPLC is included in the report on “Corporate Social Responsibility” and “Sustainable Banking” chapter.
X. MANAGEMENT REVIEW AND RESPONSIBILITY
Managing Director is the Chief Executive Officer (CEO) of the Bank. Bank has approved organizational structure with
clear functional separation and segregation of processing/ functioning authorities. This ensures core risk management
practice and compliance across the Bank.
X.a. Management Committees
In Sonali Bank, many committees have been formed with senior executives to carry on the banking operation
more precisely and efficiently. These are SMT, ALCO, MANCOM, Credit Committee, Business Advisory Committee,
Disciplinary Action Committee, Interest Waiver Committee, Research and Planning Committee etc. Generally, each
committee has been formed headed by a Deputy Managing Director. Besides, investment committee, share sell-
purchase committee, service rule review committee, online activities implementation committee etc. have been set
up for smooth functioning.
SI. Name of Committees

1 Senior Management Team (SMT)
2 Asset Liability Management Committee (ALCO)
3 Credit Committee
4 Business Advisory Committee
5 Disciplinary Action Committee
6 Interest Waiver Committee
7 Research and Planning Committee
8 Risk Management Committee (RMC)
9 Supervisory Review Process (SRP)
X.b. Regulatory Compliance

SBPLC always submits quarterly, half-yearly and yearly financial reports and other statutory reports as per guidelines
of regulatory authorities. Followed by the directions, the Bank discloses any significant development in the business
and ensures submission of returns to the regulatory bodies in full compliance with transparency and accountability.
Board of Directors ensures standard disclosures to the shareholders.
X.c. Delegation of power

As per guidelines of Bangladesh Bank, the Board of Directors and its committees are entrusted with formulation
of standard policies and procedures by which Management Committee of the Bank has been empowered with
appropriate administrative, finance and business decision making authorities. The Board has approved all procurement
policies of the Bank as well as various manuals, policies, guidelines and the delegation of power of investment up to
a determined limit
XI. OTHER INFORMATION

Xl.a. Credit Rating
As per Bangladesh Bank’s mandatory requirement vide BRPD Circular No.06 of 5 July, 2006, the Credit Rating of
SBPLC was done by the Credit Rating Information Services Limited (CRISL) on the Audited Balance Sheet of 31
December, 2022 and other relevant information.

SONALI BANK PLC
The rating agency awarded the ratings as stated here.
Surveillance Rating 2023 Long Term Short Term
As Government Supported Bank AAA ST-1
As Private Commercial Bank A+ ST-2
Outlook Stable
Validity 21 June 2024
XII. ACCOUNTABILITY OF FINANCIAL REPORTING

The Board of SBPLC as well as Management undertakes responsibilities for preparing and presenting a balanced and
comprehensive assessment of the Bank’s operations at the end of the each financial year through annual financial
statements and annual report and quarterly and half yearly announcement of results of the Bank to the shareholders.
The Audit Committee of the Board assists in this respect by scrutinizing the information to be disclosed, and to ensure
accuracy, adequacy, transparency and completeness.
XIII. VISION, MISSION AND STRATEGY

The Vision, Mission and Strategic Objectives of SBPLC are approved by the Board which is disclosed in the earlier part
of the Annual Report, Bank’s website and other publications.
XIV. DECLARATION OF CHIEF EXECUTIVE OFFICER (CEO) AND CHIEF FINANCIAL OFFICER (CFO)
The CEO and the CFO certified on fair representation of financial statements to the Board.
XV. DIRECTORS’ REPORT TO SHAREHOLDERS

In compliance with section 1.5 of Bangladesh Securities and Exchange Commission Notification No.BSEC/CMRRCD/
2006-158/207/Admin/80 of 03 June 2018 and section 184 of the Companies Act, 1994 (Act No. Ill of 1994), the
Directors report has been prepared incorporating all the required statements.

REPORT TO THE SHAREHOLDERS OF
SONALI BANK PLC
ON COMPLIANCE ON THE
CORPORATE GOVERNANCE CODE
We have examined the compliance status to the Corporate Governance Code by Sonali Bank PLC for the year ended
31 December 2023. This code relates to the Notification No. BSEC/CMRRCD/2006-158/207/Admin/80 dated 03
June 2018 of the Bangladesh securities & Exchange Commission.
Such compliance with the Corporate Governance Code is the responsibility of the Company. Our examination was
limited to the procedures and implementation, thereof as adopted by the Management in ensuring compliance to the
conditions of the Corporate Government Code.
This is a scrutiny and verification and an independent audit on compliance of the Corporate Governance Code as
well as the provisions of relevant Bangladesh Secretarial Standards (BSS) as adopted by the Institute of Chartered
Secretaries of Bangladesh (ICSB) in so far as those standards are not inconsistent with any condition of this Corporate
Governance Code.
We state that we have obtained all the information and explanations, which we have required, and after due scrutiny
and verification thereof, we report that, in our opinion:
a) The Bank has complied with the conditions of the Corporate Governance Code as stipulated in the
above-mentioned Corporate Governance Code issued by the Commission except the condition 1(7),
4(ii) and 6(1)-(5).
b) The Company has complied with the provisions of the relevant Bangladesh Secretarial Standard (BSS) as adopted
by the Institute of Chartered Secretaries of Bangladesh (ICSB) as required by this Code.
c) Proper book of records have been kept by the company as required under the Companies act. 1994, the securities
laws and other relevant laws; and
d) The Governance of the company is satisfactory.
Anil Salam Idris & Co.,

Place: Dhaka Md. Anwar Hossain, FCA

Dated: 16 May 2024 Managing Partner

SONALI BANK PLC
BSEC CODE OF CORPORATE GOVERNANCE:

SBPLC’S COMPLIANCE STATUS
Status of Compliance with the conditions imposed through Bangladesh Securities and Exchange Commission’s
(BSEC) Notification No. BSEC/CMRRCD/2006-158/ 207/Admin/80 dated 03 June 2018 issued under Section 2CC of
the Securities and Exchange Ordinance, 1969 is as follows (as per Annexure-C):
Report under Condition No. 9.00:
Compliance Status
Condition (Put √ in the appropriate column)
Title Remarks
No.
Complied Not complied
1. Board of Directors
1(1) Size of the Board of Directors
The total number of members of the Company’s Board of Directors

√
shall not be less than 5 (five) and more than 20 (twenty).
1(2) Independent Directors
At least one-fifth (1/5) of the total number of Directors in the

1(2) (a) √
Company’s Board shall be Independent Directors.
1(2) (b) Independent Director means a Director-
Who does not hold any Share in the Company or holds less
1(2)(b)(i) than One Percent (1%) Shares of the total Paid-Up Shares of the √ All Board
Company; Members are
Who is not a Sponsor of the Company or is not connected with nominated
the Company’s any Sponsor or Director or Nominated Director by the
or Shareholder of the Company or any of its Associates, Sister Government,
Concerns, Subsidiaries and Parents or holding entities who holds holding 01 share
one percent (1%) or more shares of the total paid-up shares of face value TK.
1(2)(b)(ii) √ 100.
the Company on the basis of family relationship and his or her
family members also shall not hold above mentioned shares in the They are treated
Company: Provided that spouse, son, daughter, father, mother, as Independent
brother, sister, son in-law and daughter-in-law shall be considered Director.
as family members;
Who has not been an executive of the Company in immediately
1(2)(b)(iii) √
preceding 2 (two) financial years;
Who does not have any other relationship, whether pecuniary
1(2)(b)(iv) or otherwise, with the Company or its Subsidiary or Associated √
Companies.
Who is not a member or TREC (Trading Right Entitlement
1(2)(b)(v) √
Certificate) Holder, Director or Officer of any Stock Exchange;
Who is not a Shareholder, Director excepting Independent Director
1(2)(b)(vi) or officer of any member or TREC Holder of Stock Exchange or an √
Intermediary of the Capital Market;
Who is not a partner or an executive or was not a partner or an
executive during the preceding 3 (three) years of the concerned
1(2)(b)(vii) Company’s Statutory Audit firm or Audit Firm engaged in Internal √
Audit Services or audit firm conducting special Audit or Professional
certifying compliance of this Code.
1(2)(b)(viii) Who is not Independent Director in more than 5 (five) listed Companies. √
Who has not been convicted by a Court of competent jurisdiction

1(2)(b)(ix) as a defaulter in payment of any loan or any advance to a Bank or √
a Non-Bank Financial Institution (NBFI);
Who has not been convicted for a Criminal Offence involving
1(2) (b) (x) √
moral turpitude.

Compliance Status
Title Remarks
No.
The Independent Director (s) shall be appointed by the Board
1(2) (c) and approved by the Shareholders in the Annual General Meeting √
(AGM);
The post of Independent Director (s) cannot remain vacant for
1(2) (d) √
more than 90 (ninety) days; and
The tenure of office of an Independent Director shall be for a
1(2)(e) period of 3 (three) years, which may be extended for 1 (one) tenure √
only:
1(3) Qualification of Independent Director
Independent Director shall be a knowledgeable individual with

integrity who is able to ensure compliance with financial laws,
1(3)(a) √ Stated in Their CV
regulatory requirements and corporate laws and can make
meaningful contribution to the business.
1(3)(b) Independent Director shall have following qualifications:
Business Leader who is or was a Promoter or Director of an

unlisted Company having minimum paid-up capital of Tk.100.00
1(3)(b)(i) √
million or any listed Company or a member of any national or
international chamber of commerce or business association;
Corporate Leader who is or was a top level executive not lower
than Chief Executive Officer or Managing Director or Deputy
Managing Director or Chief Financial Officer or Head of Finance
1(3)(b)(ii) or Accounts or Company Secretary or Head of Internal Audit √
and Compliance or Head of Legal Service or a candidate with
equivalent position of an unlisted Company having minimum paid
up capital of Tk.100.00 million or of a listed Company;
Former official of the Government or Statutory or Autonomous or
Regulatory Body in the position not below 5th Grade of the National
1(3)(b)(iii) √
Pay Scale, who has at least educational background of Bachelor
Degree in economics or commerce or business or law;
University Teacher who has educational background in Economics
1(3)(b)(iv) √
or Commerce or Business Studies or Law;
Professional who is or was an advocate practicing at least in the
High Court Division of Bangladesh Supreme Court or a Chartered
Accountant or Cost and Management Accountant or Chartered
1(3)(b)(v) √
Financial Analyst or Chartered Certified Accountant or Certified
Public Accountant or Chartered Management Accountant or
Chartered Secretary or equivalent qualification;
The Independent Director shall have at least 10 (ten) years of
1(3)(c) √
experiences in any field mentioned in clause (b);
In special cases, the above qualifications or experiences may be
1(3)(d) √
relaxed subject to prior approval of the Commission.
In special cases, the above qualifications may be relaxed subject to
1(3)(e) √
approval of the commission.
1(4) Duality of Chairperson of the Board of Directors and Managing Director or Chief Executive Officer
The positions of the Chairperson of the Board and the Managing

1(4)(a) Director (MD) and/or Chief Executive Officer (CEO) of the √
Company shall be filled by different individuals;
The Managing Director (MD) and/or Chief Executive Officer
1(4)(b) (CEO) of a listed Company shall not hold the same position in √
another listed Company;
The Chairperson of the Board shall be elected from among the
1(4)(c) √
non executive Directors of the Company;

SONALI BANK PLC
Compliance Status
Title Remarks
No.
The Board shall clearly define respective Roles and
1(4)(d) Responsibilities of the Chairperson and the Managing Director √
and/or Chief Executive Officer;
In the absence of the Chairperson of the Board, the remaining
Members may elect one of themselves from non-executive
1(4)(e)
Directors as Chairperson for that particular Board’s Meeting; √
the reason of absence of the regular Chairperson shall be duly
recorded in the Minutes of the Board Meeting.
1(5) The Directors’ Report to Shareholders
An industry outlook and possible future developments in the

1(5)(i) √
industry;
1(5)(ii) The segment-wise or product-wise performance; √
Risks and concerns including internal and external risk factors, threat
1(5)(iii) √
to sustainability and negative impact on environment, if any;
A discussion on Cost of Goods sold, Gross Profit Margin and Net
1(5)(iv) √
Profit Margin, where applicable;
A discussion on continuity of any extraordinary activities and
1(5)(v) √
their implications (gain or loss);
A detailed discussion on related party transactions along with
a statement showing amount, nature of related party, nature
1(5)(vi) √
of transactions and basis of transactions of all related party
transactions;
A statement of utilization of proceeds raised through public
1(5)(vii) √
issues, rights issues and/or any other instruments;
An explanation if the financial results deteriorate after the
1(5)(viii) Company goes for Initial Public Offering (IPO), Repeat Public √
Offering (RPO), Rights Share Offer, Direct Listing, etc.;
An explanation on any significant variance that occurs between
1(5)(ix) Quarterly Financial performances and Annual Financial √
Statements;
A statement of remuneration paid to the Directors including
1(5)(x) √
Independent Directors;
A statement that the financial statements prepared by the
Management of the issuer Company present fairly its state of
1(5)(xi) √
affairs, the result of its operations, cash flows and changes in
equity;
A statement that proper books of account of the issuer Company
1(5)(xii) √
have been maintained;
A statement that appropriate accounting policies have been
consistently applied in preparation of the financial statements
1(5)(xiii) √
and that the accounting estimates are based on reasonable and
prudent judgment;
A statement that International Accounting Standards (IAS) or
International Financial Reporting Standards (IFRS), as applicable
1(5)(xiv) in Bangladesh, have been followed in preparation of the financial √
statements and any departure there from has been adequately
disclosed;
A statement that the system of internal control is sound in design
1(5)(xv) √
and has been effectively implemented and monitored;
A statement that minority Shareholders have been protected from
abusive actions by, or in the interest of, controlling Shareholders
1(5)(xvi) √
acting either directly or indirectly and have effective means of
redress;

Compliance Status
Title Remarks
No.
A statement that there is no significant doubt upon the issuer

Company’s ability to continue as a going concern, if the issuer
1(5)(xvii) √
Company is not considered to be a going concern, the fact
along with reasons there of shall be disclosed;
An explanation that significant deviations from the last year’s

1(5)(xviii) operating results of the issuer Company shall be highlighted and √
the reasons thereof shall be explained;
A statement where key operating and financial data of at least
1(5)(xix) √
preceding 5 (five) years shall be summarized;
An explanation on the reasons if the issuer Company has not
1(5)(xx) √
declared dividend (cash or stock) for the year;
Board’s statement to the effect that no bonus share or stock
1(5)(xxi) √
dividend has been or shall be declared as interim dividend;
The total number of Board meetings held during the year and
1(5)(xxii) √
attendance by each Director;
A Report on the pattern of Shareholding disclosing the aggregate
1(5)(xxiii) number of Shares (along with name-wise details where stated √
below) held by:
Parent or Subsidiary or Associated Companies and other related
1(5)(xxiii)(a) √
parties (name-wise details);
Directors, Chief Executive Officer, Company Secretary, Chief
1(5)(xxiii)(b) Financial Officer, Head of Internal Audit and Compliance and √
their spouses and minor children (name-wise details);
1(5)(xxiii)(c) Executives; and √
Shareholders holding ten percent (10%) or more voting interest

1(5)(xxiii)(d) √
in the Company (name-wise details);
In case of the appointment or reappointment of a director, a
1(5)(xxiii)(e) √
disclosure on the following information to the shareholders: -
1(5)(xxiv)(a) A brief Resume of the Director; √
1(5)(xxiv)(b) Nature of his or her expertise in specific functional areas; √
Names of companies in which the person also holds the

1(5)(xxiv)(c) √
Directorship and the membership of committees of the Board;
A Management’s Discussion and Analysis signed by CEO or

MD presenting detailed analysis of the Company’s position
1(5)(xxv) √
and operations along with a brief discussion of changes in the
financial statements, among others, focusing on:
Accounting Policies and estimation for preparation of Financial

1(5)(xxv)(a) √
Statements;
Changes in accounting policies and estimation, if any, clearly

describing the effect on financial performance or results and
1(5)(xxv)(b) √
financial position as well as cash flows in absolute figure for such
changes;
Comparative analysis (including effects of inflation) of financial

performance or results and financial position as well as cash
1(5)(xxv)(c) √
flows for current financial year with immediate preceding five
years explaining reasons thereof;
Compare such financial performance or results and financial

1(5)(xxv)(d) √
position as well as cash flows with the peer industry scenario;
Briefly explain the financial and economic scenario of the
1(5)(xxv)(e) √
country and the globe;

SONALI BANK PLC
Compliance Status
Title Remarks
No.
Risks and concerns issues related to the financial statements,

1(5)(xxv)
explaining such risk and concerns mitigation plan of the √
(f)
Company;
Future Plan or Projection or forecast for Company’s operation,

1(5)(xxv) performance and financial position, with justification thereof,
√
(g) i.e., actual position shall be explained to the Shareholders in
the next AGM;
Declaration or Certification by the CEO and the CFO to the

1(5)(xxvi) Board as required under condition No. 3(3) shall be disclosed √
as per Annexure-A;
The Report as well as certificate regarding compliance of

1(5)
conditions of this Code as required under condition No. 9 shall √
(xxvii)
be disclosed as per Annexure-B and Annexure-C.
1(6) Meetings of the Board of Directors
The Company shall conduct the Board Meetings and record

the Minutes of the Meetings as well as keep required Books and
records in line with the provisions of the relevant Bangladesh
1(6) √
Secretarial Standards (BSS) as adopted by the Institute of
Chartered Secretaries of Bangladesh (ICSB) in so far as those
standards are not inconsistent with any condition of this Code.
Code of Conduct for the Chairperson, other Board members

1(7) N/A
and Chief Executive Officer
The Board shall lay down a Code of Conduct, based on the

recommendation of the Nomination and Remuneration
1(7) (a) Committee (NRC) at condition No. 6, for the Chairperson of N/A
the Board, other Board Members and Chief Executive Officer
of the Company;
The Code of Conduct as determined by the NRC shall be

1(7)(b) N/A
posted on the website of the Company.
The Code of Conduct as determined by the NRC shall be

1(7)(b) N/A
posted on the website of the Company.
2. Governance of Board of Directors of Subsidiary Company
Provisions relating to the composition of the Board of the

2(a) holding Company shall be made applicable to the composition √
of the Board of the subsidiary Company;
At least 1 (one) Independent Director on the Board of the

2(b) holding Company shall be a Director on the Board of the √
subsidiary Company;
The Minutes of the Board meeting of the subsidiary Company

2(c) shall be placed for review at the following Board meeting of √
the Holding Company;
The Minutes of the respective Board meeting of the holding

2(d) Company shall state that they have reviewed the affairs of the √
subsidiary Company;
The Audit Committee of the holding Company shall also

2(e) review the Financial Statements, in particular the investments √
made by the subsidiary Company.

Compliance Status
Title Remarks
No.
Managing Director (MD) or Chief Executive Officer (CEO), Chief Financial Officer (CFO), Head of Internal Audit
3.
and Compliance (HIAC) and Company Secretary (CS)
3(1) Appointment
The Board shall appoint a Managing Director (MD) or Chief

Executive Officer (CEO), a Company Secretary (CS), a Chief
3(1)(a) √
Financial Officer (CFO) and a Head of Internal Audit and
Compliance (HIAC);
The positions of the Managing Director (MD) or Chief Executive

Officer (CEO), Company Secretary (CS), Chief Financial Officer
3(1)(b) √
(CFO) and Head of Internal Audit and Compliance (HIAC) shall
be filled by different individuals;
The MD or CEO, CS, CFO and HIAC of a listed Company shall

3(1)(c) not hold any executive position in any other Company at the √
same time;
The Board shall clearly define respective Roles, Responsibilities

3(1)(d) √
and Duties of the CFO, the HIAC and the CS;
The MD or CEO, CS, CFO and HIAC shall not be removed from
3(1)(e) their position without approval of the Board as well as immediate √
dissemination to the Commission and Stock Exchange (s).
3(2) Requirement to attend Board of Directors’ Meetings
The MD or CEO, CS, CFO and HIAC of the Company shall

attend the meetings of the Board: Provided that the CS, CFO
3(2) and/or the HIAC shall not attend such part of a meeting of the √
Board which involves consideration of an agenda item relating
to their personal matters.
3(3) Duties of Managing Director (MD) or Chief Executive Officer (CEO) and Chief Financial Officer (CFO)
The MD or CEO and CFO shall certify to the Board that they
3(3)(a) have reviewed Financial Statements for the year and that to the √
best of their knowledge and belief:
Financial Statements do not contain any materially untrue

3(3)(a)(i) statement or omit any material fact or contain statements that √
might be misleading;
Financial Statements together present a true and fair view of

3(3)(a)(ii) the Company’s affairs and are in compliance with existing √
accounting standards and applicable laws;
The MD or CEO and CFO shall also certify that there are, to the
best of knowledge and belief, no transactions entered into by
3(3)(b) the Company during the year which are fraudulent, illegal or in √
violation of the code of conduct for the Company’s Board or
its members;
The certification of the MD or CEO and CFO shall be disclosed

3(3)(c) √
in the Annual Report.
4. Board of Directors’ Committee
4(i) Audit Committee; and √
4(ii) Nomination and Remuneration Committee. -

SONALI BANK PLC
Compliance Status
Title Remarks
No.
5. Audit Committee
5(1) Responsibility to the Board of Directors
The Company shall have an Audit Committee as a Sub-

5(1)(a) √
Committee of the Board;
The Audit Committee shall assist the Board in ensuring that the
Financial Statements reflect true and fair view of the state of
5(1)(b) √
affairs of the Company and in ensuring a good monitoring
system within the business;
The Audit Committee shall be responsible to the Board; the
5(1)(c) √
duties of the Audit Committee shall be clearly set forth in writing.
5(2) Constitution of the Audit Committee
The Audit Committee shall be composed of at least 3 (three)

5(2)(a) √
members;
The Board shall appoint members of the Audit Committee who
shall be non- executive Directors of the Company excepting
5(2)(b) √
Chairperson of the Board and shall include at least 1 (one)
Independent Director;
All members of the Audit Committee should be ‘Financially
Literate’ and at least 1 (one) member shall have accounting or
5(2)(c) √
related financial management background and 10 (ten) years of
such experience.
When the term of service of any Committee member expires
or there is any circumstance causing any Committee member
to be unable to hold office before expiration of the term of
service, thus making the number of the Committee members to
5(2)(d) be lower than the prescribed number of 3 (three) persons, the √
Board shall appoint the new Committee member to fill up the
vacancy immediately or not later than 1 (one) month from the
date of vacancy in the Committee to ensure continuity of the
performance of work of the Audit Committee;
The Company Secretary shall act as the secretary of the
5(2)(e) √
Committee;
The Quorum of the Audit Committee meeting shall not
5(2)(f) √
constitute without at least 1 (one) Independent Director.
5(3) Chairperson of the Audit Committee
The Board shall select 1 (one) member of the Audit Committee

5(3)(a) to be Chairperson of the Audit Committee, who shall be an √
Independent Director;
In the absence of the Chairperson of the Audit Committee, the
remaining members may elect one of themselves as Chairperson
for that particular meeting, in that case there shall be no problem
5(3)(b) √
of constituting a quorum as required under condition No. 5(4)(b)
and the reason of absence of the regular Chairperson shall be
duly recorded in the Minutes.
Chairperson of the Audit Committee shall remain present in the
5(3)(c) √
Annual General Meeting (AGM):
5(4) Meeting of the Audit Committee
The Audit Committee shall conduct at least four meetings in a

5(4)(a) √
financial year:
The Quorum of the meeting of the Audit Committee shall be
constituted in presence of either two members or two third
√
5(4)(b) of the members of the Audit Committee, whichever is higher,
where presence of an Independent Director is a must.

Compliance Status
Title Remarks
No.
5(5) Role of Audit Committee
5(5)(a) Oversee the financial reporting process; √
5(5)(b) Monitor choice of accounting policies and principles; √
Monitor Internal Audit and Compliance process to ensure that
it is adequately resourced, including approval of the Internal
5(5)(c) √
Audit and Compliance Plan and review of the Internal Audit and
Compliance Report;
5(5)(d) Oversee hiring and performance of external auditors; √
Hold meeting with the external or statutory auditors for review of
5(5)(e) the annual financial statements before submission to the Board √
for approval or adoption;
Review along with the management, the annual financial
5(5)(f) √
statements before submission to the Board for approval;
Review along with the management, the quarterly and half yearly
5(5)(g) √
financial statements before submission to the Board for approval;
5(5)(h) Review the adequacy of internal audit function; √
Review the Management’s Discussion and Analysis before
5(5)(i) √
disclosing in the Annual Report;
Review statement of all related party transactions submitted by
5(5)(j) √
the management;
Review Management Letters or Letter of Internal Control
5(5)(k) √
weakness issued by statutory auditors;
Oversee the determination of audit fees based on scope and
5(5)(l) magnitude, level of expertise deployed and time required for √
effective audit and evaluate the performance of external auditors;
Oversee whether the proceeds raised through Initial Public
Offering (IPO) or Repeat Public Offering (RPO) or Rights Share
5(5)(m) √
Offer have been utilized as per the purposes stated in relevant
offer document or prospectus approved by the Commission.
5(6) Reporting of the Audit Committee
5(6)(a) Reporting to the Board of Directors
5(6)(a)(i) The Audit Committee shall Report on its activities to the Board. √
The Audit Committee shall immediately Report to the Board on
5 (6)(a) (ii) √
the following findings, if any:
5(6)(a)(ii)(a) Report on Conflicts of Interests; -
Suspected or presumed fraud or irregularity or material defect
5(6)(a)(ii)(b) identified in the Internal Audit and compliance process or in the -
Financial Statements;
Suspected infringement of Laws, Regulatory compliances
5(6)(a)(ii)(c) -
including Securities related Laws, Rules and Regulations;
Any other matter which the Audit Committee deems necessary
5(6)(a)(ii)(d) -
shall be disclosed to the Board immediately;
5(6)(b) Reporting to the Authorities
If the Audit Committee has reported to the Board about anything
which has material impact on the financial condition and
results of operation and has discussed with the Board and the
Management that any rectification is necessary and if the Audit
5(6)(b) Committee finds that such rectification has been unreasonably -
ignored, the Audit Committee shall Report such finding to the
Commission, upon reporting of such matters to the Board for
three times or completion of a period of 6 (six) months from the
date of first reporting to the Board, whichever is earlier.

SONALI BANK PLC
Compliance Status
Title Remarks
No.
5(7) Reporting to the Shareholders and General Investors
Report on activities carried out by the Audit Committee,

including any report made to the Board under condition No. 5(6)
5(7) (a)(ii) above during the year, shall be signed by the Chairperson √
of the Audit Committee and disclosed in the annual report of the
issuer Company.
Not applicable for Banking
Company as per
Nomination and Remuneration Committee (NRC)
6. guidelines of
Bangladesh Bank.
The Company shall have a Nomination and Remuneration

6(1)(a) -
Committee (NRC) as a sub- committee of the Board;
The NRC shall assist the Board in formulation of the nomination
criteria or policy for determining qualifications, positive attributes,
6(1)(b) experiences and independence of Directors and top-level -
executive as well as a policy for formal process of considering
remuneration of Directors, top level executive;
The Terms of Reference (ToR) of the NRC shall be clearly set forth
6(1)(c) -
in writing covering the areas stated at the Condition No. 6(5) (b).
6(2) Constitution of the NRC
The Committee shall comprise of at least three members including

6(2)(a) -
an independent director;
6(2)(b) All members of the Committee shall be non-executive Directors; -
Members of the Committee shall be nominated and appointed by

6(2)(c) -
the Board;
The Board shall have authority to remove and appoint any member
6(2)(d) -
of the Committee;
In case of death, resignation, disqualification, or removal of any
member of the Committee or in any other cases of vacancies, the
6(2)(e) -
board shall fill the vacancy within 180 (one hundred eighty) days of
occurring such vacancy in the Committee;
The Chairperson of the Committee may appoint or co-opt any
external expert and/or member(s) of staff to the Committee as
advisor who
6(2)(f) -
shall be non-voting member, if the Chairperson feels that advice
or suggestion from such external expert and/or member(s) of staff
shall be required or valuable for the Committee;
The Company secretary shall act as the secretary of the
6(2)(g) -
Committee;
The quorum of the NRC meeting shall not constitute without
6(2)(h) -
attendance of at least an independent director;
No member of the NRC shall receive, either directly or indirectly,
6(2)(i) any remuneration for any advisory or consultancy role or otherwise, -
other than Director’s fees or honorarium from the Company.
6(3) Chairperson of the NRC
The Board shall select 1 (one) member of the NRC to be Chairperson

6(3)(a) -
of the Committee, who shall be an independent director;
In the absence of the Chairperson of the NRC, the remaining
members may elect one of themselves as Chairperson for
6(3)(b) -
that particular meeting, the reason of absence of the regular
Chairperson shall be duly recorded in the minutes;
The Chairperson of the NRC shall attend the annual general
6(3)(c) -
meeting (AGM) to answer the queries of the Shareholders:

Compliance Status
Title Remarks
No.
6(4) Meeting of the NRC
6(4)(a) The NRC shall conduct at least one meeting in a financial year; -
The Chairperson of the NRC may convene any emergency

6(4)(b) -
meeting upon request by any member of the NRC;
The quorum of the meeting of the NRC shall be constituted in
presence of either two members or two third of the members
6(4)(c) of the Committee, whichever is higher, where presence of an -
independent director is must as required under condition No. 6(2)
(h);
The proceedings of each meeting of the NRC shall duly be
6(4)(d) recorded in the minutes and such minutes shall be confirmed in -
the next meeting of the NRC.
6(5) Role of the NRC
NRC shall be independent and responsible or accountable to the

6(5)(a) -
Board and to the Shareholders
NRC shall oversee, among others, the following matters and make
6(5)(b) -
report with recommendation to the Board:
Formulating the criteria for determining qualifications, positive
attributes and independence of a Director and recommend a
6(5)(b)(i) -
policy to the Board, relating to the remuneration of the directors,
top level executive, considering following:
The level and composition of remuneration is reasonable and
6(5)(b)(i)(a) sufficient to attract, retain and motivate suitable Directors to run -
the Company successfully;
The relationship of remuneration to performance is clear and
6(5)(b)(i)(b) -
meets appropriate performance benchmarks;
Remuneration to Directors, top level executive involves a balance
between fixed and incentive pay reflecting short and long-
6(5)(b)(i)(c) -
term performance objectives appropriate to the working of the
Company and its goals;
Devising a Policy on Board’s diversity taking into consideration
6(5)(b)(ii) age, gender, experience, ethnicity, educational background and -
nationality;
Identifying persons who are qualified to become Directors
and who may be appointed in top level executive position in
6(5)(b)(iii) -
accordance with the criteria laid down, and recommend their
appointment and removal to the Board;
Formulating the criteria for evaluation of performance of
6(5)(b)(iv) -
Independent Directors and the Board;
Identifying the Company’s needs for employees at different levels and
6(5)(b)(v) -
determine their selection, transfer or replacement and promotion criteria;
Developing, recommending and reviewing annually the
6(5)(b)(vi) -
Company’s human resources and training policies;
The Company shall disclose the nomination and remuneration
6(5)(c) policy and the evaluation criteria and activities of NRC during the -
year at a glance in its annual report.
7. External or Statutory Auditors
The issuer Company shall not engage its external or statutory

7 (1) √
auditors to perform the following services of the Company.
7(1)(i) Appraisal or valuation services or fairness opinions; √
7(1)(ii) Financial Information Systems design and implementation; √

SONALI BANK PLC
Compliance Status
Title Remarks
No.
Book-Keeping or other services related to the accounting records
7(1)(iii) √
or financial statements;
7(1)(iv) Broker-Dealer Services; √
7(1)(v) Actuarial Services; √
7(1)(vi) Internal Audit services or special audit services; √
7(1)(vii) Any service that the Audit Committee determines; √
Audit or certification services on compliance of corporate

7(1)(viii) √
governance as required under condition No. 9(1); and
7(1)(ix) Any other service that creates conflict of interest. √
No partner or employees of the external audit firms shall possess

any share of the Company they audit at least during the tenure of
7(2) √
their audit assignment of that Company; his or her family members
also shall not hold any shares in the said Company.
Representative of external or statutory auditors shall remain present in the
7(3) Shareholders’ Meeting (Annual General Meeting or Extraordinary General √
Meeting) to answer the queries of the Shareholders.
8. Maintaining website by the Company
The Company shall have an Official Website linked with the

8(1) √
website of the Stock Exchanges.
The Company shall keep the website functional from the date of
8(2) √
listing.
The Company shall make available the detailed disclosures on its
8(3) website as required under the listing regulations of the concerned √
stock exchange(s).
9. Reporting and Compliance of Corporate Governance
The Company shall obtain a Certificate from a practicing

Professional Accountant or Secretary (Chartered Accountant or
Cost and Management Accountant or Chartered Secretary) other
9(1) than its statutory auditors or audit firm on yearly basis regarding √
compliance of conditions of Corporate Governance Code of the
Commission and shall such certificate shall be disclosed in the
Annual Report.
The Professional who will provide the certificate on compliance
9 (2) of this Corporate Governance Code shall be appointed by the √
Shareholders in the Annual General Meeting.
The Directors of the Company shall state, in accordance with

9 (3) the Annexure-C attached, in the Directors’ report whether the √
Company has complied with these conditions or not.

REPORT OF THE
SHARIAH SUPERVISORY COMMITTEE
kixÕAvn& mycvifvBRwi KwgwUi evwl©K cÖwZ‡e`b-2023

mg¯Í cÖksmv gnvb Avjøvn iveŸyj Avjvgx‡bi whwb AZxe `qvjy I ¶gvkxj| Zvui kvwšÍ I Avkxe©v` ewl©Z ‡nvK mgM« we‡k¦i ingZ Ges wek¦
gvbeZvi m‡e©vËg Av`k© gnvbex (m.) Ges Zvui mKj mv_x I Abymvix‡ì Dci|
Avgiv kixÕAvn mycvifvBRwi KwgwUi c¶ ‡_‡K ‡mvbvjx e¨vsK wcGjwm Gi cwiPvjbv cl©` I eë¯’vcbv KZ©…c‡¶i mKj‡K AvšÍwiK
abëv` Rvbvw”Q Avgv‡ì mvwe©K Kvh©µ‡g Zvu‡ì wbiew”Qbœ mg_©‡bi Rb¨| Avgiv AviI K…ZÁZv cÖKvk KiwQ e¨vs‡Ki mKj M«vnKM‡Yi
cÖwZ hv‡ì AK…wÎg wek¦vm I AKyÚ mg_©‡bi e‡`Šj‡Z Avgiv eZ©gv‡b G Ae¯’v‡b Avm‡Z ‡c‡iwQ|
kixÕAvn mycvifvBRwi KwgwU e¨vs‡Ki Bmjvgx e¨vswKs DB‡Ûvmg~‡ni Kvh©vejx ch©‡e¶Y I ch©v‡jvPbvc~e©K gZvgZ I kixÕAvn msµvšÍ
cÖ‡qvRbxq w`Kwb‡`©kbv cÖ`vb K‡i| e¨vsK KZ©…c¶ KwgwU cÖ`Ë gZvgZ I w`Kwb‡`©kbv ‡gvZv‡eK 2023 mv‡j e¨vs‡Ki hveZxq Bmjvgx
e¨vswKs Kvh©µg cwiPvjbv K‡i‡Qb|
g~jZ kixÕAvn g~jbxwZi wfwË‡Z e¨vsK cwiPvjbvi `vq `vwqZ¡ e¨vs‡Ki eë¯’vcbv KZ©…c‡¶i DciB eZ©vq| kixÕAvn mycvifvBRwi KwgwU
‡Kej kixÕAvn g~jbxwZi wfwË‡Z ‡cÖwiZ welqmg~‡ni wbi‡c¶ we‡kølY I mywPwšÍZ ¯^vaxb gZvgZ cÖ`vb K‡i Ges e¨vs‡Ki wewfbœ Kvh©µ‡g
kixÕAvn bxwZgvjv Abykxjb I ev¯Íevq‡bi e¨vcv‡i mRvM `…wó iv‡L|
2023 mgvß eQ‡i ‡mvbvjx e¨vsK wcGjwm Gi kixÕAvn mycvifvBRwi KwgwU wbgœwjwLZ Kvh©vejx m¤úv`b K‡i‡Q-
1. kixÕAvn bxwZgvjv msµvšÍ wewfbœ wel‡q kixÕAvn mycvifvBRwi KwgwU mywPwšÍZ gZvgZ I cÖ‡qvRbxq w`K wb‡`©kbv cÖ`vb K‡i‡Q|
2. kixÕAvn cwicvj‡bi wel‡q e¨vs‡Ki Kg©KZ©v‡ì mvwe©K m‡PZbZv Zyjbvg~jKfv‡e e…w× Ki‡Z ¸iæZ¡c~Y© f~wgKv ‡i‡L‡Q|
3. Bmjvgx e¨vswKs Gi Dci e¨vsK Kg©KZ©v‡ì‡K cÖwk¶‡Yi eë¯’v Kiv n‡q‡Q|
4. kixÕAvn bxwZgvjv Abymv‡i gy`vivev Avgvb‡Zi Dci h_vh_fv‡e gybvdv wba©viYc~e©K AvgvbZKvixMY‡K h_vmg‡q Zv cÖ`vb Kiv
n‡q‡Q|
eZ©gvb cwiw¯’wZi Av‡jv‡K fwel¨‡Zi Rb¨ kixÕAvn mycvifvBRvwi KwgwU wb‡gœv³ mycvwikmg~n cÖ`vb K‡i‡Q|
1. kixÕAvn& g~jbxwZi Dci e¨vs‡Ki mKj wbe©vnx I Kg©KZ©v‡ì‡K AviI AwaKZi cÖwk¶Y ‡`qv cÖ‡qvRb|
2. Bmjvgx e¨vswKs msµvšÍ wbqwgZ cÖwk¶Y, Kg©kvjv, mfv, ‡mwgbvi I wm‡¤úvwRqvg Av‡qvR‡bi gva¨‡g MÖvnK‡ì Bmjvgx e¨vswKs-Gi
e¨vcK cÖwZ‡hvwMZvg~jK Ávb, myweav I Kg© cwiwa e…w× welqK Kg©m~Px evov‡Z n‡e|
3. e¨vs‡Ki mvwe©K Kvh©µ‡g kixÕAvn& g~jbxwZmg~‡ni cwicvjb wbwðZ Kivi Rb¨ kvLv ch©v‡q Kg©KZ©v‡ì‡K AviI m‡PZb I mRvM
n‡Z n‡e|
4. MÖvnK‡ì gv‡S Bmjvgx e¨vswKs welqK e¨vcK aviYv cÖ`vb Kiv, hv‡Z Bmjvgx e¨vswKs wel‡q AvMÖn I m‡PZbZv e„w× cvq|
gnvb Avjøvn cwic~Y©fv‡e Bmjvgx kixÕAvn wfwËK e¨vswKs cÖwZôv Kivi gva¨‡g Avgv‡ì‡K Zvui mš‘wó AR©‡bi ZvIdxK `vb Kiæb|
Avgxb|
(Aa¨vcK W. gynv¤§` Ave`yi ikx`)

‡Pqvig¨vb
kixÕAvn mycvifvBRwi KwgwU

SONALI BANK PLC
DECLARATION BY
CEO AND CFO TO THE BOARD
Date: 30 April 2024
The Board of Directors

Sonali Bank PLC
35-42, 44 Motijheel Commercial Area,
Dhaka, Bangladesh.
Subject: Declaration on Financial Statements for the year ended on 31 December 2023.
Dear Sirs,
Pursuant to the condition No. 1(5)(xxvi) imposed vide the Commission’s Notification No. BSEC/CMRRCD/ 2006-
158/207/ Admin/80 dated 03 June 2018 under section 2CC of the Securities and Exchange Ordinance, 1969, we do
hereby declare that:
(1) The Financial Statements of Sonali Bank PLC for the year ended on 31 December 2023 have been prepared in
compliance with International Accounting Standards (IAS) or International Financial Reporting Standards (IFRS), as
applicable in the Bangladesh and any departure there from has been adequately disclosed;
(2) The estimates and judgments related to the financial statements were made on a prudent and reasonable basis,
in order for the financial statements to reveal a true and fair view;
(3) The form and substance of transactions and the Company’s state of affairs have been reasonably and fairly
presented in its financial statements;
(4) To ensure above, the Company has taken proper and adequate care in installing a system of internal control and
maintenance of accounting records;
(5) Our internal auditors have conducted periodic audits to provide reasonable assurance that the established
policies and procedures of the Company were consistently followed; and
(6) The management’s use of the going concern basis of accounting in preparing the financial statements is
appropriate and there exists no material uncertainty related to events or conditions that may cast significant
doubt on the Company’s ability to continue as a going concern.
In this regard, we also certify that: -

(i) We have reviewed the financial statements for the year ended on 31 December 2023 and that to the best of our
knowledge and belief:
(a) these statements do not contain any materially untrue statement or omit any material fact or contain
statements that might be misleading;
(b) these statements collectively present true and fair view of the Company’s affairs and are in compliance with
existing accounting standards and applicable laws.
(ii) There are, to the best of knowledge and belief, no transactions entered into by the company during the year
which are fraudulent, illegal or in violation of the code of conduct for the company’s Board of Directors or
its members.
Sincerely yours,
(Md. Afzal Karim) (Md Iqbal Hossain, ACMA, CFA, FRM)

Chief Executive Officer Chief Financial Officer (CFO)

DIRECTORS’ RESPONSIBILITY FOR
FINANCIAL STATEMENTS
Proper Financial Reporting ii. Financial statements reflects the development
and performance of the business and the position
The Board of Director of Sonali Bank PLC is responsible of the Bank and the undertakings included in the
to cause preparation and true & fair presentation of the consolidation taken as a whole, together with a
annual financial statements of 2023 and other financial description of the principal risks and uncertainties
information and reports contained in this annual report that they face.
by the management. The accompanying financial
statements have been prepared in accordance with iii. Appropriate accounting policies have been adopted
International Financial Reporting Standards (IFRS) and and applied that consistently.
Bangladesh Accounting Standards as espoused by the
iv. Prudent and reasonable estimates along with
Institute of Chartered Accountants of Bangladesh and
judgment have been applied.
Companies Act 1994, Banking Companies Act 1991
(Amended-2023), rules and regulations of Bangladesh Adequate Internal Control
Bank and Bangladesh Securities and Exchange Rules
1987 as considered relevant and appropriate under the In line with requirement of section 15 (C) of Bank
circumstances. In cases where amounts are stated based Companies Act-1991 (Amended- 2018), the Board of
on estimate those are based on informed judgment and Directors of SBPLC is entrusted to establish suitable
estimate made by the management and agreed by the system of Internal Control and Compliance (ICC).
Board of Directors. The financial information and data Accordingly the Board is very much concerned
provided in this annual report is fully consistent with the about this. In setting out a strong internal control and
financial statements. compliance framework within the organization, the
Board established Board Audit Committee and Board
While preparing the report, the Directors didn’t approve Risk Management Committee to ensure effective ICC in
the financial statements unless they are satisfied that the Bank as a part of oversight functioning. In addition
they give a true and fair view of the state of affairs of to that, SBPLC has formed Senior Management Team
the Company as at the end of the financial year and of (SMT) to identify, measure, monitor and control the risks
their profit or loss for the year. The Directors have also through framing required policies and procedures with
been obliged to ensure that the Company keeps proper the approval of the Board of Directors.
accounting records that disclose, with reasonable
accuracy, the financial position of the Company. They Gripping of Banking Operational Risks
have driven the wheel of responsibility for safeguarding
the assets of the Bank. The policy of managing operational risk through internal
control and compliance is approved by the Board taking into
INCOME RETAINED BALANCE account the relevant guidelines of Bangladesh Bank. The
STATEMENT EARNINGS SHEET committee puts in place policies and procedures to identify,
measure, monitor and control these risks and monitors the
Revenues Asset
adequacy and effectiveness of the internal control system
Net Income
based on the Bank’s established policy and procedure.
-Expenses Dividends -Liabilities
Retained Owners` Independency to the Audit Committee
Net Income Earnings Equity
The Internal control, accounting policies and financial
reporting of SBPLC are under direct supervision of
Nothing has come to the attention of the Directors to
the audit committee of the Board that in turn report
indicate that the Bank will not remain a going concern for
to the Board of Directors for general oversight and
at least twelve months from the date of this statement.
supervision. Audit committee of the board is fully
We confirm that to the best of our knowledge: independent of executive management. The committee
regularly reviews reports prepared by internal control
i. The financial statements, prepared in accordance and compliance department covering all the business
with the applicable set of accounting standards, operations of the Bank with particular focus on core
give a true and fair view of the assets, liabilities, risks. ICC division of the Bank also carries on its activities
financial position and profit or loss of the Bank independently without any intervention and produced
and the undertakings included in the consolidation the audit and ICC reports to the Board audit Committee
taken as a whole. and the Board independently.

SONALI BANK PLC
Gratis Accessibility to the External Audits statements made available by the management together
with all the financial records, related data, minutes of
External audit of SBPLC has the full access to the Audit shareholders and board meetings, relevant policies and
Committee of the Board for ensuring effectiveness of expressed their clean opinion.
internal control procedure and reliability of financial
reporting. The Control and Monitoring Division of the
Bank conducts periodic audits to provide reasonable
With best regards
assurance that the established policies and procedures
of the company were consistently followed. The On behalf of the Board of the Directors
auditors of the company, Hoda Vasi Chowdhury & Co.
and Howladar Yunus & Co., Chartered Accountants,
have carried out annual audit to review on the system
of internal controls, as they consider appropriate and
necessary, for expressing their opinion on the financial (Ziaul Hasan Siddiqui)
statements. They have also examined the financial Chairman

REPORT OF THE AUDIT COMMITTEE
The primary purposes
of the Audit Committee
are to provide
independent and
objective oversight of
the accounting and
financial reporting
functions along with the
internal controls of the
Bank and its affiliates
and to ensure the
objectivity of the Bank’s
financial statements.
Gopal Chandra Ghosh

Chairman
Audit Committee
Board of Directors
The Audit Committee of the Board of Sonali Bank PLC has been functioning as a sub-committee appointed by the
Bank’s Board of Directors in compliance with the Bank Company Act 1991 (amended 2023), Bangladesh Bank’s BRPD
Circular No. 11 of 27 October 2013 and the relevant Notifications of Bangladesh Securities and Exchange Commission
(BSEC) as well as international best practices on Corporate Governance. The primary purposes of the Audit Committee
are to provide independent and objective oversight of the accounting and financial reporting functions along with
the internal controls of the Bank and its affiliates and to ensure the objectivity of the Bank’s financial statements. The
Audit Committee’s function is one of oversight and review, and it is not required to prepare or audit the financial
statements, to define the scope of the audit, to control the Company’s accounting policies and practices, or to define
the standards used in preparing the financial statements
Key Objectives of Audit Committee
To review the financial reporting process, the system of internal control and compliance, the approach to
management of financial risks, the audit process, the processes used by the Bank to identify, quantify and
mitigate significant risks to the achievement of objectives, the findings of Bangladesh Bank’s processes for
monitoring compliance under relevant laws and regulations and its own code of business conducts.
To assist the Board in discharging its oversight responsibilities by implementing relevant strategies and
policies.

SONALI BANK PLC
Composition of the Audit Committee bank and ensured that the policies are properly
applied in the preparation of the Financial
In compliance with Section 3.2(i) of Corporate Statements of the Bank.
Governance Notification issued by BSEC on 07 August
2012 and Bangladesh Bank’s BRPD Circular No. 11 of • Review of Interim Financial Statement: The Audit
27 October 2013, the Audit Committee of Board of Committee reviewed the quarterly and the half
Directors of SBPLC was last re-constituted with the yearly Financial Statements and ensured that
following Board members: authentic and reliable financial information are
incorporated in those statements and in other
Status with Status with the interim reports.
Name
the Bank Committee
Mr. Gopal Chandra Ghosh Director Chairman • Review of Financial Statements: The Audit
Dr. Daulatunnaher Khanam Director Member Committee reviewed and examined the Financial
Professor Dr. Mohammad Statements of 2023 of the Bank to confirm whether
Director Member
Kaykobad all the required disclosures and information have
Dr. Md. Matiur Rahman Director Member been incorporated in the Financial Statements and
whether the Bank followed International Accounting
Company
Mr. Tauhidul Islam Secretary Standards (IAS) and International Financial Reporting
Secretary
Standards (IFRS) adopted as Bangladesh Accounting
Roles and Responsibilities of Audit Committee Standards (BAS) and Bangladesh Financial Reporting
Standards (BFRS) by the Institute of Chartered
The roles and responsibilities of Audit Committee of Accountants of Bangladesh, Bank Company Act
Sonali Bank PLC have been specified by considering the 1991(amended 2023), Bangladesh Bank Guidelines,
provisions of BRPD Circular No 11 of 27 October 2013 the Companies Act 1994, the Bangladesh Securities
Corporate Governance Notification issued by BSEC and Exchange Commission Rules and other laws and
on 07 August 2012 and other best practice corporate rules applicable in Bangladesh and also Standards
governance guidelines and standards. issued by the Accounting and Auditing Organization
for Islamic Financial Institutions (AAOIFI), Bahrain,
Meetings of Audit Committee etc. The Committee recommended the Financial
Statements for the year 2023 for consideration of
The Audit Committee of the bank held as many as 10
the Board.
(ten) meetings in 2023. In those meetings, the committee
reviewed the findings and recommendations in the
reports of the bank’s internal and external auditors and
Other activities:
assessed the remedial actions taken by the management.
• Oversee the financial reporting process & liquidity
Proceedings of the Audit Committee meetings were
position of the bank at regular basis.
reported timely and regularly to the Board of Directors
as well as Bangladesh Bank in compliance with the DOS
circular letter no. 07 of 24 April 2011.
• Reviewed internal & external auditors findings
on the irregularities both major & significance at
Major Highlights of the Audit Committee different branches of the bank and reference those
to the Board with appropriate recommendation
activities in 2023
for decision, reviewed draft & audited financial
During the year under review, the committee performed statements for the year 2022.
amongst others the following key functions:
• Reviewed performance of internal audit 2023.
• Appointment of Statutory Auditors: The Audit
Committee made recommendations to the Board
• Reviewed the reconciliation performance of inter
for appointing Statutory Auditors in the Annual
branch transaction accounts and advised the
General Meeting.
management to keep it regular.
• Meeting with Statutory Auditors: The committee

• Reviewed the comprehensive inspection report on
met with the statutory auditors for finalization of
SBPLC by Bangladesh bank as on 31.12.2023.
financial statements for the year 2023. It also looks
into account the issues raised in the Management
Letter and advised the management to take
• Reviewed the cash holding position of different
branches & advise the management to ensure
appropriate remedial actions.
maintenance of optimum level of cash to reduce
idle cash in hand as per as practicable.
• Review of Accounting Policy: The Audit Committee
reviewed the accounting policies adopted by the

• Reviewed existing policy of ICC, Risk Grading, Credit • Reviewed the audit report of the subsidiaries and
Policy, Quarterly Risk Management Paper etc. and directing the authority to take necessary action as
made recommendation to Board for approval. appropriate.
• Reviewed unaudited quarterly & half yearly financial Acknowledgments

statements of the bank for the year 2023.
The Committee would like to place on record its sincere
• Monitor internal control risk management process. thanks and gratitude to the regulatory authorities,
in particular, Bangladesh Bank and the Bangladesh
Securities and Exchange Commission, external auditors,
• Discussed and reviewed annual budget 2023 &
the Board of Directors and management for their earnest
revised budget 2022 and recommended to the
support while performing its duties and responsibilities.
board with some amendments.
In conclusion, I would like to convey my sincere thanks
• Reviewed the compliance status of audit objections to the members of the Committee for their invaluable
and advised the management to ensure full support and cooperation in carrying out the tasks
compliance of regulatory, legal and significant entrusted with the Committee.
issues meticulously.
• Reviewed the audit rating by internal audit on Anti

Money Laundering of all branches for the year 2022.
For and on behalf of Audit Committee
• Discuss and reviewed the effectiveness of annual

audit plan 2023 and made recommendation to the
board for approval with suggested amendments.
• Reviewed existing risk management procedures (Gopal Chandra Ghosh)

along with implementation of core risk management Chairman
guidelines and advised the managements to Audit Committee
implement the same more effectively. Board of Directors

SONALI BANK PLC
NOTE FROM THE CHAIRMAN OF RISK

MANAGEMENT COMMITTEE
Achieving Bangladesh’s
vision of attaining upper
middle-income status
by 2031 necessitates a
multifaceted approach.
Creating jobs, enhancing
human capital, and
improving infrastructure
are paramount to
fostering a competitive
business environment
and attracting private
investment.
A.B.M. Ruhul Azad

Chairman
Board of Directors
Bangladesh’s journey indeed stands out as a remarkable Achieving Bangladesh’s vision of attaining upper middle-
success story in terms of economic growth and poverty income status by 2031 necessitates a multifaceted
reduction. The country’s consistent progress in various approach. Creating jobs, enhancing human capital, and
sectors, such as Agriculture, Ready-made garment improving infrastructure are paramount to fostering
exports, remittances, and macroeconomic stability, a competitive business environment and attracting
have played a pivotal role in fostering its development. private investment. Diversifying exports beyond the
The statistics reflecting poverty reduction are particularly ready-made garment sector is crucial for sustaining
striking, showcasing substantial improvements in living growth and mitigating risks associated with sectoral
standards for millions of Bangladeshis. Achieving lower- dependence. Addressing financial sector vulnerabilities,
middle-income status in 2015 and being on track to promoting sustainable urbanization, and strengthening
graduate from the UN’s Least Developed Countries list public institutions are vital development priorities. Fiscal
in 2026 are significant milestones that underscore the reforms aimed at generating more domestic revenue
effectiveness of Bangladesh’s development strategies. can facilitate investment in infrastructure and social
Moreover, the improvements in human development programs, thereby accelerating growth and improving
indicators, including reductions in infant mortality living standards. Furthermore, addressing climate
and stunting, and advancements in literacy rates and change and natural disaster vulnerabilities is imperative
access to electricity, demonstrate a comprehensive for building resilience and ensuring sustainable
approach towards enhancing the well-being of its development outcomes. Embracing green growth
citizens. However, the noted increase in inequality in principles can not only mitigate environmental risks but
urban areas is a reminder of the challenges that persist also contribute to long-term economic sustainability
alongside these achievements. Addressing disparities in and enhance the well-being of future generations.
access to opportunities and resources, particularly in
rapidly urbanizing areas, will be crucial for ensuring that Bangladesh’s economy has demonstrated resilience in
the benefits of growth are equitably distributed across recovering from the economic shocks brought about
society. by the COVID-19 pandemic and the global uncertainties

stemming from events like the Russia-Ukraine crisis. practices throughout the organization. This involves
However, the recent slowdown in the global economy instilling a sense of responsibility for risk management
has posed challenges to sustaining the country’s among all employees and integrating risk considerations
growth momentum. Before the onset of the pandemic, into decision-making processes at every level.
Bangladesh’s economy was on a robust growth
trajectory, with a GDP growth rate of 7.88 percent in In addition to financial risks, the bank recognizes the
FY 2018-19. The pandemic-induced disruptions led to a importance of addressing emerging threats such as
significant slowdown, with growth plummeting to 3.45 financial crime and cyber risks. Significant progress has
percent in FY 2019-20. Subsequent years witnessed a been made in combating financial crime, while efforts
gradual recovery, with growth rates of 6.94 percent in to enhance cyber risk management capabilities have
FY 2020-21 and 7.10 percent in FY 2021-22. Despite the been intensified to safeguard the bank’s operations
recovery efforts, the global economic slowdown has and protect the interests of employees, clients, and
weighed on Bangladesh’s growth prospects, reflected stakeholders.
in the provisional GDP growth estimate of 6.03 percent
for FY 2022-23, indicating moderation compared to Overall, risk management is acknowledged as a shared
previous years. responsibility across Sonali Bank PLC, underscoring its
integral role in shaping strategic decisions and ensuring
Navigating through these challenges will require the long-term sustainability and success of the institution.
continued resilience and adaptability from Bangladesh’s
policymakers and businesses. Prioritizing measures to Composition of the Risk Management Committee
bolster domestic economic activities, enhance export of the Board of Directors
competitiveness, and attract investment will be essential In line with the circular no.11 dated 27 October, 2013
for sustaining growth momentum and fostering long- of Bangladesh Bank, the Risk Management Committee
term economic stability. Additionally, ensuring social of Sonali Bank PLC was last re-constituted with the
safety nets and support mechanisms for vulnerable following members of the Board of Directors:
segments of the population will remain critical in
mitigating the impacts of economic disruptions and
Status
promoting inclusive growth. Status with
Name with the
the Bank
committee
In summary, Bangladesh’s path towards achieving its
A.B.M. Ruhul Azad Director Chairman
development goals requires a comprehensive strategy
that addresses immediate challenges while laying the Dr. Daulatunnaher Khanam Director Member
foundation for sustainable and inclusive growth. By
prioritizing key areas such as job creation, infrastructure Mr. Molla Abdul Wadud Director Member
development, and climate resilience, Bangladesh can Professor Dr. Mohammad
Director Member
navigate the current headwinds and realize its aspirations Kaykobad
for prosperity and progress. Company
Mr. Tauhidul Islam Secretary
Secretary
Overall, Bangladesh’s success story serves as a
testament to the effectiveness of strategic policymaking, The Board of Directors’ Risk Management Committee
investment in key sectors, and the resilience and plays a crucial role in overseeing and reviewing various
determination of its people to overcome challenges and prudential risks within Sonali Bank PLC. These risks
build a prosperous future. encompass a wide range of areas, including credit risk,
country cross-border risk, market risk, pension risk,
Sonali Bank PLC has adopted a proactive approach capital risk, liquidity and funding risk, and operational
towards managing risks within its operations, particularly risk. In addition to these traditional risks, the committee
focusing on macro-prudential measures to ensure also focuses on key cyber risks, threats, and events,
financial stability and resilience. This includes close recognizing the evolving landscape of risks in the
monitoring of adherence to Asset-Liability Management digital age. The committee is responsible for staying
(ALM) and Foreign Exchange Risk Management abreast of project updates and monitoring the Board’s
Guidelines, aiming to optimize the Advance/Deposit top risk profile updates as identified. Regular reporting
Ratios and prevent over-exuberance in lending mechanisms ensure that the committee is kept
activities. Through these measures, the bank has informed about risk management practices, including
witnessed improvements in asset quality, underpinned portfolio trends, policies and standards, stress testing,
by enhanced origination discipline and targeted growth liquidity, and capital adequacy. This information equips
strategies. Diversification of loans across industry the committee with the necessary insights to make
sectors and geographical regions has been prioritized, informed decisions and take appropriate actions to
reflecting a prudent approach to risk management and a mitigate risks effectively.
commitment to sustainable growth. Furthermore, Sonali
Bank is dedicated to fostering a robust risk culture and Furthermore, the committee is vested with the authority
implementing effective enterprise risk management to investigate or seek any information related to activities

SONALI BANK PLC
within its terms of reference. This authority underscores It’s commendable to see Sonali Bank PLC’s commitment
the committee’s mandate to ensure transparency, to enhancing its infrastructure for compliance with risk
accountability, and adherence to risk management management standards and improving various aspects
protocols throughout the organization. such as exposure management, data quality, stress
testing, and operational risk management. Streamlining
Overall, the dynamic nature of risk management processes not only benefits clients by providing better
necessitates a proactive and vigilant approach, and service but also drives internal efficiencies, ultimately
the Board of Directors Risk Management Committee contributing to the bank’s overall effectiveness and
plays a pivotal role in fulfilling this responsibility, thereby success.
contributing to the resilience and sustainability of Sonali
Bank PLC. Acknowledging the invaluable contribution of colleagues
within the Risk Management Committee underscores
We have a number of ongoing initiatives that will further the collaborative effort and teamwork required to
enhance the risk management framework and capability effectively manage risks within the organization. Their
of the bank. Major issues and areas of interest dealt with guidance, support, and expertise are instrumental in
by RMC during 2023 are noted below: ensuring the smooth functioning of the committee and
the fulfillment of its objectives. Additionally, recognizing
• Reviewed monthly Risk Management Reports,
the efforts of all members of the Risk Management
half yearly Comprehensive Risk Management
Committee, as well as executives and officers within
Reports (CRMR), Quarterly Stress Test Reports
the Risk Management Division, reflects a culture of
and recommendations of ERMC (Executive
appreciation and gratitude for their dedication and hard
Risk Management Committee)
work in safeguarding the bank’s interests and ensuring
• Reviewed Recovery Plan of Sonali Bank PLC. prudent risk management practices.
• Reviewed ICAAP (Internal Capital Adequacy
Assessment Process) and SRP (Supervisory Finally, expressing gratitude to the Chairman and other
Review Process) return of Sonali Bank PLC. members of the Board for their confidence in overseeing
the risk management agenda demonstrates a strong
• Reviewed Comprehensive Risk Management
commitment to governance and leadership, fostering
Ratings of Sonali Bank PLC.
trust and accountability within the organization.
• Reviewed risk register of Sonali Bank PLC. Overall, Sonali Bank PLC’s proactive approach to risk
• Reviewed and endorsed Bank’s risk appetite/ management and its culture of appreciation for the
internal limits for 2023 on major risk areas to contributions of its team members bode well for its
place towards Board of Directors for approval. continued success and resilience in the face of evolving
challenges.
• Reviewed periodically Top 20 credit exposure
(Group) of Sonali Bank in terms of limit offered
to counterparties and advised management to
closely monitor the account performance and to
(A.B.M. Ruhul Azad)
pay special attention to the vulnerable accounts.
Chairman
• Reviewed Corporate Social Responsibility Risk Management Committee
Guidelines of Sonali Bank PLC. Board of Directors

STAKEHOLDERS
INFORMATION

SONALI BANK PLC
STAKEHOLDERS AND SHAREHOLDERS

INFORMATION
Keeping in mind the diverse nature of stakeholders mainly customers- depositors and borrowers, Ministry of Finance,
Bangladesh Bank, BSEC, NBR and employees etc., the Bank is required to strategically define its key stakeholder
audience with a view to ensuring pragmatism in engagement and reporting. This helps to determine the Bank to
define its key stakeholders as employees, customers, shareholders and investors, suppliers and service providers,
government and other regulators, communities and environment. At a glance, it is highlighted below:
Stakeholders- at a glance
• Ministry of Finance
• Bangladesh Bank
• National Board of Revenue
• BSEC
Government and other regulators
• ICAB, ICMAB, ICSB
• Comptroller of Auditor General of Bangladesh
• External Auditors
• All business chambers
• Retail customers
• Rural credit customers
• SME and corporate client
Customers
• Q-cash cardholders
• Remittance customers
• Importer and exporter
Shareholders • Government of the People's Republic of Bangladesh
• Permanent staff
• Contract staff
Employees
• Management trainees and interns
• Outsourced staff
• Correspondent banks
• Foreign remittance agents
• Landlord of leased premises
Suppliers and Service Providers
• Suppliers of fixed assets
• Maintenance and security service providers
• Suppliers of fixed assets
• Professionals and self-employers
• Civil society
Communities and Environment
• Graduate students
• Different communities

Shareholding Structure of SBPLC
Number of Shares
Particulars
As at 31 December, 2023 As at 31 December, 2022
General Public - -
Government 453,000,000 453,000,000
Total 453,000,000 453,000,000
Present Shareholding Pattern

SI. Sponsor Shareholders No. of Shares Amount in Tk. (%) of Shareholding
The Government of the People's Republic of Bangladesh:
1 On Behalf of Secretary Finance Division Ministry of Finance, 452,999,992 45,299,999,200 99.999998234
The Government of the People's Republic of Bangladesh
Individual Directors nominated by the Government
2 Mr. Ziaul Hasan Siddiqui 1 100 0.00000022075
3 Mr. A.B.M Ruhul Azad 1 100 0.00000022075
4 Dr. Daulatunnaher Khanam 1 100 0.00000022075
5 Mr. Molla Abdul Wadud 1 100 0.00000022075
6 Professor Dr. Mohammad Kaykobad 1 100 0.00000022075
7 Dr. Md. Matiur Rahman 1 100 0.00000022075
8 Dr. Abul Kalam Azad 1 100 0.00000022075
9 Mr. Gopal Chandra Ghosh FCA, FCMA, CPA 1 100 0.00000022075
10 Mr. Md. Afzal Karim - - -
Total 453,000,000 45,300,000,000 100.00
Shareholding Pattern of CEO and Managing Director, CFO, Company Secretary and Head of
Internal Audit:
SI. Particulars % of Shareholding as at 31 December, 2023

01 CEO and Managing Director and his spouse and minor children --
02 CFO and his spouse and minor children --
03 Company Secretary and his spouse and minor children --
04 Head of Internal Audit and his spouse and minor children --
Accessibility of Annual Report: Queries Relating to Corporate Information:

Annual Report 2023 and other information about SBPLC Queries relating to any corporate information and
may be accessed on Bank’s Website: www.sonalibank. published financial information may be addressed to the
com.bd. SBPLC provides copies of Annual Report to the Company Secretary of Sonali Bank PLC.
Ministry of Finance, Bangladesh Securities and Exchange
Commission, Bangladesh Bank, Registrar of Joint Stock Related Parties:
Companies and Firms for their reference.
The Bank provides banking service to different ministries
Shareholders Inquiries and Communication: and corporations in the form of advances, letter of credit,
bank guarantee etc. but the Bank had no transactions
Shareholders and others may contact at any time to with the Directors of the Bank as a related party.
Public Relations Division of Head Office for any sort
of information and query. In order to make the AGM
more participatory, it is arranged in Bank premises and
in convenient time to allow shareholders to speak in the
AGM freely for their valuable suggestions.

SONALI BANK PLC
Redressing to Shareholders' Observations/ Suggestions:
In the 16th Annual General Meeting of the Bank, Directors and shareholders addressed some behavioral and financial
facts and services of the Bank and hence put suggestions for progressive development. Management of the Bank
addressed the observations seriously and worked hard to diminish the complaints as suggested thereof. Some
justifications are tabulated below:
SI. Complaints/Suggestions Redress to Shareholders' Complaints

To include division wise deposit amount into Financial Division wise deposits have been included in Financial
1.
Statements. Statements since 2014.
To include division wise loans and advances into Financial Division wise loans and advances have been included in
2.
Statements. Financial Statements since 2014.
Till date, SBPLC has established 236 ATM Booths for the
To increase sufficient number of ATM Booths with card holders. Furthermore, SBPLC card holders can also get
3. sophisticated machines in both urban and rural branches and access of their cards from other booths countrywide.
urged to make the Bank's website user friendly. SBPLC's website has been developed in such a way that
anyone can use the website easily.
Requested to arrange the AGM on Friday or Saturday in
4. AGM will be arranged subject to availability of suitable venue.
future, if possible
Suggested for publishing and printing of Annual Report Annual Report is published through the website of SBPLC
in abridged form with important data/information and (www.sonalibank.com.bd). Mentionable here is that Annual
5.
uploading the detailed Annual Report in the website of the Report of the previous year has been preserved in the
Bank ensuring green banking practice. mentioned web address.
Necessary guidelines, instructions in this regard have
been provided to the branches by the Management of the
Suggested for rendering better customer service by the
6. Bank from time to time following constant supervision
branch officials other than that of conventional banks.
and monitoring from Head Office regarding meticulous
compliance of the same.
Suggested to provide adequate logistic support, modern The Management of the Bank is heartily trying to provide
technology and well decoration to all branches for adequate logistic support, modern technology and well
7.
compliance of the Bank and improvement of customer decoration to all branches for compliance of the Bank and
services. improvement of customer services.

(i) Present Directors of Sonali Bank PLC and their interest in the Bank :
Date of Appointment/
SI. Name Present Address No. of Shares
Reappointment
Mr. Ziaul Hasan Siddiqui
01. - 28-08-2019 01
Chairman of the Board of Directors
02. Mr. A.B.M Ruhul Azad - 15-06-2021 01
03. Dr. Daulatunnaher Khanam - 22-12-2016 01

04. Mr. Molla Abdul Wadud - 13-01-2019 01
05. Professor Dr. Mohammad Kaykobad - 25-08-2020 01
06. Dr. Md. Matiur Rahman - 10-02-2022 01
07. Dr. Abul Kalam Azad - 05-09-2022 01
08. Mr. Gopal Chandra Ghosh FCA, FCMA, CPA 07-03-2023 01
09. Mr. Md. Afzal Karim - 28-08-2022 -
(ii) Particulars of Directors of Sonali Bank PLC and their interest in other entities:
Name of the firms/companies in which

interested as proprietor, partner. Managing
SI. Name Status with SBPLC Status
Director, managing agent, guarantor,
employee etc.
Mr. Ziaul Hasan Siddiqui
1. Chairman of the Board of Chairman -- --
Directors
2. Mr. A.B.M Ruhul Azad Director -- --
3. Dr. Daulatunnaher Khanam Director Dhaka Imperial Group Limited Director
4. Mr. Molla Abdul Wadud Director -- --
Professor Dr. Mohammad
5. Director -- --
Kaykobad
6. Dr. Md. Matiur Rahman Director -- --
7. Dr. Abul Kalam Azad Director -- --
Mr. Gopal Chandra Ghosh Basu Banerjee Nath & Co.
8. Director Managing Director
FCA, FCMA, CPA Chartered Accountants
Padma Bank PLC. Chairman
Bangladesh Foreign Exchange Dealers
Association (BAFEDA) Chairman
Primary Dealers Bangladesh Limited (PDBL) Chairman
Sonali Investment Limited. Chairman
Sonali Intellect Limited. Chairman
Institute of Bankers, Bangladesh (IBB) Vice-President

Chief Executive
9. Mr. Md. Afzal Karim Sonali Exchange Co Inc., New York Director
Officer
Investment Corporation of Bangladesh (ICB) Director
Sonali Investment Limited Director
Central Depository Bangladesh Limited (CDBL) Director
Industrial and Infrastructure Development
Finance Company Limited (IIDFC). Director
Governing Board, Bangladesh Institute of Bank Member

Management (BIBM).

SONALI BANK PLC
COMPARATIVE FINANCIAL HIGHLIGHTS OF SBPLC

(Figure in million except stated otherwise)
Increase/
Particulars 2023 2022 Change %
(Decrease)
Income Statement
Total revenue 119722 91302 28420 31.13
Total expenses 81260 67478 13782 20.42
Operating profit 38462 23823 14639 61.45
Profit before tax 10354 7376 2978 40.37
Profit after tax 6515 3710 2805 75.60
Earnings per share 14.38 8.19 6.19 75.58
Asset and Liabilities

Total Assets 1981130 1789772 191358 10.69
Earning Assets 1587626 1407049 180577 12.83
Total loans and advances 1008053 846430 161623 19.09
Fixed Assets including Premises, Furniture and Fixture 34402 33931 471 1.39
Total deposit 1506184 1420362 85822 6.04
Shareholders' equity 86559 81191 5368 6.61
Capital
Paid up capital 45300 45300 0 0.00
Capital maintained 78737 70510 8227 11.67
Risk Weighted Assets (RWA) 781565 701286 80279 11.45
Capital required 78157 70128 8029 11.45

Capital Adequacy Ratio (CAR)/Capital to
10.07% 10.05% 0.02% 0.20
Risk weighted Assets Ratio (CRAR)
Share Information
Earnings per Share 14.38 8.19 6.19 75.58
Net Assets Value per Share (NAVPS) 191.08 179.23 11.85 6.61
Number of share (in million) 453 453 0.00 0.00
Regulatory Ratio
Cash Reserve Requirement (CRR) 5.10% 5.20% -0.10% -1.92
Statutory Liquidity Ratio (SLR) 40.27% 42.23% -1.96% -4.64
Capital Adequacy Ratio (CAR) 10.07% 10.05% 0.02% 0.20
Credit Deposit Ratio 108.33% 103.33% 4.99% 4.83
Asset Quality
Amount of classified loans and advances 133410 125537 7873 6.27
% of classified loans and advances 13.23% 14.83% -1.60% -10.79
Required provision for loans and advances 103544 84378 19166 22.71

GRAPHICAL PRESENTATIONS
Cash in Hand & Balance with BB Balance with other Banks & Financial Institutions
(Tk. in million) (Tk. in million)
108764
112882
90117
91102
87161
77527
52309
47937
38055
38151
2019 2020 2021 2022 2023 2019 2020 2021 2022 2023
Money at Call on Short Notice Investments

688065
16274
623541
621273
629681
15217
500387
8663
2808
9031
2019 2020 2021 2022 2023 2019 2020 2021 2022 2023
Loans & Advances Fixed Asset including Premises, Furniture and Fixture
1008053
34402
846430
690596
33932
33891
33876
586232
551026
33466
2019 2020 2021 2022 2023 2019 2020 2021 2022 2023
Other Assets Non Banking Assets

188985
170020
175523
157020
43
41
139055
0
0
2019 2020 2021 2022 2023 2019 2020 2021 2022 2023

SONALI BANK PLC
Total Asset Borrowing from other Banks, Financial Institutions & Agents
1981130
17009
1789772
1706803
1591233
1472501
604
549
494
439
2019 2020 2021 2022 2023 2019 2020 2021 2022 2023
Deposit and Other Accounts Other Liabilities

371377
1506184
1420362
1350815
1258786
287779
278750
1158788
246283
245017
2019 2020 2021 2022 2023 2019 2020 2021 2022 2023
Total Liabilities Paid up Capital

1894571
45300
45300
45300
45300
45300
1708581
1630061
1505618
1404409
2019 2020 2021 2022 2023 2019 2020 2021 2022 2023
Statutory Reserve Other reserve and Revaluation reserve

36494
18093
16022
14547
25074
13469
24249
24134
12401
22241
2019 2020 2021 2022 2023 2019 2020 2021 2022 2023

Retained Earnings Total Shareholders' Equity
(5206)
(968)
(7354)
(9648)
86559
85616
81191
(11748)
76742
68193
2019 2020 2021 2022 2023 2019 2020 2021 2022 2023
Contingent Liabilities Net Interest Income

2089
4759
1022368
949413
886193
756897
766878
(9946)
(9793)
(4128)
2019 2020 2021 2022 2023 2019 2020 2021 2022 2023
Investment income Commission, exchange and brokerage

16783
45795
16480
39996
38693
13052
12273
11623
31639
28144
2019 2020 2021 2022 2023 2019 2020 2021 2022 2023
Other operating income Total Operating Income

1088
67638
50470
42873
42388
36727
550
437
302
262
2019 2020 2021 2022 2023 2019 2020 2021 2022 2023

SONALI BANK PLC
Total Operating Expenses Operating Profit
29176
38462
26647
21346
21485
19627
23823
20903
21526
17100
2019 2020 2021 2022 2023 2019 2020 2021 2022 2023
Total Provision Net Profit After Tax

28108
6515
16446
16185
3710
15513
3456
3234
12347
2710
2019 2020 2021 2022 2023 2019 2020 2021 2022 2023
Earning Per Share (EPS) Capital Adequacy Ratio

(Tk. in million)
10.09%
10.07%
14.38
10.05%
10.04%
8.19
7.63
7.14
5.98
10.02%
2019 2020 2021 2022 2023 2019 2020 2021 2022 2023
Earning Asset & Non Earning Asset Return on Asset (ROA)

(Tk. in million)
1587626
0.35%
1407049
1332237
1195517
0.20%
0.21%
0.21%
0.21%
404269
395716
393504
1068333
382723
374566
2019 2020 2021 2022 2023 2019 2020 2021 2022 2023

Net Worth
Return on Investment (ROI) (Tk. in million)
7.36%
7.13%
81191
85616
86559
76742
5.98%
5.87%
68193
4.83%
2019 2020 2021 2022 2023 2019 2020 2021 2022 2023
Import Export Foreign Remittance Loans & Advances and Classified Loans
1008053
314539
846430
690596
255965
436769
467313
86313
165550
133410
586232
125536
129056
119585
125263
109210
111994
551026
107673
111483
20215
25988
32213
25670
25160
2019 2020 2021 2022 2023 2019 2020 2021 2022 2023
Classified Loan Recovery Rate of Classified Loan

(Tk. in million)
31974
20.32%
18.37%
17.32%
14.83%
13.23%
13050
12590
11644
10501
2019 2020 2021 2022 2023 2019 2020 2021 2022 2023
Investment And Income from Investment No. of Branches

(Tk. in million)
1232
688064
1231
621272
623541
1229
629691
1226
1224
500387
40057
28144
38693
45795
31638
2019 2020 2021 2022 2023 2019 2020 2021 2022 2023

SONALI BANK PLC
KEY FINANCIAL DATA AND RATIOS OF SBPLC
Particulars 2023 2022 2021 2020 2019
Balance Sheet
Authorized Capital 60000 60000 60000 60000 60000
Paid up Capital 45300 45300 45300 45300 45300
Reserve Fund and Surplus 41259 35891 31442 48998 22893
Total Shareholders’ Equity 86559 81191 76742 85616 68193
Deposits 1506184 1420362 1350815 1258786 1158788
Loans And Advances 1008053 846430 690596 586232 551026
Investments 623541 621272 688064 629691 500387
Fixed Assets including Premises, Furniture and Fixture 34402 33931 33876 33891 33466
Total Assets 1981130 1789772 1706803 1591233 1472601
Total Off Balance Sheet Exposure 756897 766878 886193 949413 1022368
Earning Assets 1587626 1407049 1332237 1195517 1068333
Non-earning Assets 393504 382723 374566 395716 404269
Net Worth 86559 81191 76742 85616 68193
Income Statement
Interest Income 56842 42920 33744 31666 35955
Income on Investment 45795 31638 38693 40057 28144
Non-interest Income 17085 16742 13489 12824 12711
Total Income 119722 91302 85925 84780 76810
Interest Expenses 52083 40831 43537 41906 40083
Non-interest Expenses 29177 26647 21485 21346 19627
Total Expenses 81260 67478 65022 63253 59710
Net Interest Margin (NIM) 4759 2089 -9792 -9946 -4128
Net Non-interest Expenses 12092 9725 7415 8703 6916
Operating Profit 38462 23823 20903 21526 17100
Earnings Before Provision, Depreciation and Tax 39475 27717 27237 22321 17680
Profit Before Provision and Tax 38462 23823 20903 21526 17100
Net Profit After Tax 6515 3710 3456 3234 2710
Capital Matrix
Risk Weighted Assets (RWA) 781565 701286 666270 633601 526242
Total Required Capital 78157 70128 66627 63360 52624
Total Regulatory Capital Maintained 78737 70510 66872 63500 53096
Capital Surplus/(Shortfall) 581 381 246 141 472
Capital Adequacy Ratio (CAR) 10.07% 10.05% 10.04% 10.02% 10.09%
Core Capital Ratio 7.93% 7.92% 7.81% 7.68% 8.65%
Supplementary Capital Ratio 2.14% 2.14% 2.23% 2.34% 1.44%
Amount of Supplementary Capital 16727 14985 14863 14826 7574

Particulars 2023 2022 2021 2020 2019
Financial Ratios (%)

Operating Profit Ratio 32.13% 26.09% 24.32% 25.39% 22.26%
Gross Profit Ratio 56.50% 55.28% 49.33% 50.57% 47.82%
Operating Profit as a % of Average Working Fund 2.62% 1.35% 1.24% 13.70% 1.17%
Return of Assets (ROA) 0.35% 0.21% 0.21% 0.21% 0.20%
Return of Equity (ROE) 7.77% 4.70% 4.26% 4.21% 3.92%
Return on Investment (ROI) 7.36% 4.83% 5.87% 7.13% 5.98%
Return on Loan and Advance 5.92% 5.33% 4.89% 5.57% 5.51%
Return on Capital Employed 2.34% 1.60% 1.46% 1.64% 1.42%
Return on Earning Assets 0.41% 0.26% 0.26% 0.27% 0.25%
Operating Profit per Employee 2.11 1.36 1.15 1.14 0.87

Net Profit per Employee 0.36 0.21 0.19 0.17 0.14
Operating Profit per Branch 31.22 19.35 17.00 17.56 13.99
Net Interest Margin on Earning Assets(NIM) 0.61% 0.67% -0.77% -0.86% -0.41%
Efficiency Ratio 24.37% 29.18% 25.18% 25.18% 25.55%
Burden Ratio 0.64% 0.57% 0.42% 0.56% 0.50%
Cost of Deposit 3.54% 2.95% 3.34% 3.32% 3.55%
Yields on Loans and Advances 5.92% 5.33% 4.89% 5.57% 5.51%
Interest Spread 2.38% 2.38 1.55% 2.25% 1.96%
Cost of Fund 5.52% 4.87% 4.98% 5.23% 5.29%
Cost to Income Ratio 67.87% 73.90% 75.67% 74.61% 77.74%
Debt Equity Ratio (Times) 22.89 21.04% 21.24% 17.58% 20.59
Current Ratio (Times) 1.99 1.83% 1.93% 1.89% 1.87
Net Asset Value per Share (NAVPS-in TK.) 191.08 179.23 169.41 189.00 150.54
Earnings per Share (EPS- In TK.) 14.38 8.19 7.63 7.14 5.98
Capital Adequacy Ratio (CAR) 10.07% 10.05% 10.04% 10.02% 10.09
Advance Deposit Ratio 63.93% 59.59% 51.12% 46.57% 47.55%
Cash Reserve Ratio / Liquidity Ratio (CRR) 5.10% 5.20% 6.20% 7.70% 7.90%
Statutory Liquidity Ratio (SLR) 40.27% 48.23% 48.22% 50.02% 41.57%
Foreign Exchange Business

Import 467313 436769 314539 165550 255965
Export 20215 25988 32213 25160 25670
Foreign Remittance 86313 109210 125263 129056 111483

SONALI BANK PLC
Particulars 2023 2022 2021 2020 2019
Asset Quality
Classified Loans and Advances(Non-performing Loans) 133410 125536 119585 107673 111994
Percentage of NPLs to Total Loans and Advance 13.23% 14.83% 17.32% 18.37% 20.32%
Required Provision for Unclassified Loans 13204 11991 12149 12460 5358
Required Provision for Classified Loans 90340 72387 63528 57705 53016
Total Required Provision for Loans and Advances 103544 84378 75677 70165 58374
Total Provision Maintained for Loans and Advances 103544 84378 75677 70165 58374
Provision Excess/(Shortfall) for Loans and Advances - - - - -
General Provision Maintained 13204 11991 12149 12460 5358
Specific Provision Maintained 90340 72387 63528 57705 53016
Required Provision for Classified Investment 2973 5164 1454 178 2667
Provision Maintained for Classified Investment 2973 5164 1454 178 2667
Required Provision for Classified Other Assets 22759 14978 13637 2069 4786
Provision Maintained for Other Assets 22759 14978 13637 7250 4786
Total Classified Assets 152898 125536 119585 107673 111994
Total Un-Classified Assets 1828232 1664236 1587218 1483561 1360607
Required Provision for Contingent Liabilities 3523 2994 2715 2366 2216
Provision Maintained for Contingent Liabilities 3523 2994 2715 2366 2216
Total Provision Required 132799 107984 95182 115331 69257
Total Provision Maintained 132799 107984 95182 82827 69257
Surplus/ (Shortfall) - - - - -
Current Assets 670611 531466 523378 522001 499062
Current Liabilities 337418 300728 271265 275643 266687
Net Current Assets 333193 230739 252113 1069232 232375
Long Term Liabilities 1643712 1407853 1358796 1315590 1137722
Long Term Liabilities/Current Liabilities 4.87:1 4.68:1 5.01:1 4.77:1 4.27:1
Shares Information Matrix

No. of Shares 45300000 45300000 45300000 45300000 45300000
Earnings per Share (EPS- in Tk.) 14.38 8.19 7.63 7.14 5.98
Net Asset Value per Share (NAVPS-in Tk.) 191.08 179.23 169.41 189 150.54
Market Price per Share Not Listed in Stock Exchange
Dividend - - - - -
Right Share Issued - - - - -
Other Information
No. of Branches 1232 1231 1229 1226 1224
No. of Loss Branches 9 13 33 29 27
No. of Employees 18257 17542 18200 18918 19609
No. of Foreign Correspondents 569 576 694 684 669

HORIZONTAL AND VERTICAL ANALYSIS
OPERATING PERFORMANCE
Particulars 2023 2022 2021 2020 2019
Total Revenue 119722 91302 85925 84780 76810
Interest Expenses 52083 40831 43537 41906 40083
Administrative and Other Expenses 29177 26647 21485 21346 19627
Operating Profit 38462 23823 20903 21526 17100
Provisions including Amortization 28108 16446 15513 16184 12347
Profit Before Tax 10354 7377 5390 5342 4753
Provision for taxation 3839 3666 1933 2107 2043
Profit After Tax 6515 3710 3456 3234 2710
Reserve Fund 2286 1562 1162 1133 1001
EPS 14.38 8.19 7.63 7.14 5.98
Operating Performance
2023 2022 2021 2020 2019
Total Revenue
Interest Expenses
Administrative and other Expenses
Operating Profit
Provision including Amortization
Profit Before Tax
Provision for Taxation
Profit After Tax
Reserve Fund
EPS
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Total Revenue
2019
Interest Expenses
Administrative and Other Expenses
2020
Operating Profit
Provisions including Amortization
2021
Profit Before Tax
Provision for taxation
2022
Profit After Tax
Reserve Fund
2023
EPS
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

SONALI BANK PLC
HORIZONTAL AND VERTICAL ANALYSIS

BALANCE SHEET
Particulars 2023 2022 2021 2020 2019
Cash in Hand 9940 9843 7725 7300 7691

Balance With Bangladesh Bank and its
102942 80274 69801 83801 101073
Agent Bank
Balance With Other Banks and FI's 47937 38151 38055 52308 87161
Money at Call and Short Notice 15217 2808 8663 9031 16274
Investments 623541 621272 688064 629691 500387
Loans and Advances 1008053 846430 690596 586232 551026
Fixed Assets 34402 33931 33876 33891 33466
Other Assets 139098 157020 170020 188976 175523
Total Assets 1981130 1789772 1706803 1591233 1472601
Balance Sheet Analysis

2023 2022 2021 2020 2019
Cash in Hand
Balance with Bangladesh Bank
and its Agent Bank
Balance with Other Banks and FI's
Money at Call and Short Notice
Investment
Loans and Advances
Fixed Assets
Other Assets
Total Assets
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Cash in Hand
2019
Balance With Bangladesh Bank
and its Agent Bank
2020 Balance With Other Banks and FI's
Money at Call and Short Notice
2021 Investments
Loans and Advances
2022
Fixed Assets
Other Assets
2023
Total Assets
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

GRAPHICAL PRESENTATIONS OF
PROFITABILITY, DIVIDEND, PERFORMANCE AND LIQUIDITY RATIO
Gross Profit Ratio Earning before Provision, Depreciation and Tax
39475
56.50%
55.28%
27717
27237
50.57%
22321
49.33%
17680
47.82%
2019 2020 2021 2022 2023 2019 2020 2021 2022 2023
Current Ratio (Times) Return on Equity (ROE)

1.99
7.77%
1.93
4.70%
1.89
4.26%
4.21%
1.87
3.92%
1.83
2019 2020 2021 2022 2023 2019 2020 2021 2022 2023
Return on Loans & Advances Debt Equity Ratio (Times)
22.89
5.92%
21.24
5.57%
21.04
20.59
5.51%
5.33%
17.58
4.89%
2019 2020 2021 2022 2023 2019 2020 2021 2022 2023
Cost to Income Ratio Efficiency Ratio

29.18%
77.74%
75.67%
74.61%
73.90%
25.55%
25.18%
25.18%
24.37%
67.87%
2019 2020 2021 2022 2023 2019 2020 2021 2022 2023

SONALI BANK PLC
SEGMENT WISE
Segment Of Total Revenue Comparison of Segmented Capital
2022 2023
14%
45300
45300
Interest Income
25074.41
48% Income on Investment
18093.25
24133.79
16022.48
Non Interest Income
(5205.63)
(968.00)
38%
Retained Earnings Other Reserve Statutory Reserve Paid up Capital
Division wise Deposit Division wise Loans and Advances
5% 4% 4% 2%
4% 9%
Dhaka Dhaka
6% Chattogram Chattogram
7%
Barishal Barishal
7% Khulna Khulna
50% Rajshahi 8% 59% Rajshahi
4% Rangpur Rangpur
Mymensingh 3% Mymensingh
Sylhet Sylhet
20% 8%
Division wise Income Vs Expenses Division wise Operating Profit

(Tk. in million)
Income Expenses
5% 4%
Dhaka
6% Dhaka
Chittagong
Chattogram
Barisal 8%
Barishal
Khulna Khulna
7% 44% Rajshahi
Rajshahi
Rangpur
Rangpur
4% Mymensingh
Mymensingh Sylhet
Sylhet
22%
0% 20% 40% 60% 80% 100%
Industry wise Loans and Advances Sector WIse Loan & Advances
7% 1%
1%
7% Industry wise Loans
34%
and Advances
Rural Credit
Micro Credit Goverment
35% Industriul Credit Other public
65%
Agro based Industrial Private
Credit
International Trade
34% SME Finance 1%
General Adnce
15%
and Others

STATEMENT OF VALUE ADDITION AND ITS DISTRIBUTION
This statement shows the process of generating the value and its distribution among the stakeholders of Sonali Bank
PLC through the placement and improvement of assets and operations consequently. The comparative value added
statement of the Bank for the year 2023 and 2022 is illustrated below:
Distribution of Value Distribution of Value

Particulars Addition 2023 In percent Addition 2022 In percent
Taka in Million. Taka in Million.
a) Income from Banking Services 119,721.55 91,301.73
b) Less: Cost of Services and Supplies 58,470.90 46,659.75
c) Value Added by the Banking Services (a-b) 61,250.65 44,641.97
d) Less: Non Banking Expenses 3,126.16 3,100.44
e) Less: Loan Loss Provisions 28,108.05 16,446.14
Value Added (c-d-e) 30,016.44 25,095.40
Distribution of Value addition:

i) To Employees as Salaries, allowances and
21,851.14 73% 19,803.24 79%
bonuses:
ii) To Expansion and Growth:
Statutory reserve 2,070.77 7% 1,475.39 6%
General Reserve 150.00 0% 50.00 0%
Start-Up Fund 65.15 0% 37.10 0%
Retained earnings 4,228.88 14% 2,147.93 9%
Depreciation 937.63 3% 1,015.66 4%
Taxation 712.88 2% 566.07 2%
Sub Total 8,165.31 27% 5,292.16 21%
Total (I+ii) 30,016.44 100% 25,095.40 100%
Distribution of Value Addition-2023 Distribution of Value Addition-2022
3% 2% 4% 2%
To Employees as Salaries, 9%
14% allowances and bonuses: 0% To Employees as Salaries,
Statutory reserve 0% allowances and bonuses:
0%
6%
1% General Reserve Statutory reserve
Start-Up Fund General Reserve
7%
Retain earnings Retain Earnings
Depreciation Depreciation
Taxation Taxation
73% 79%

SONALI BANK PLC
ECONOMIC VALUE ADDED STATEMENT

Economic value added, developed to assess the accurate economic profit produced by a company, frequently refers
to a measurement of a bank’s economic success (or failure) over a period of time which takes into consideration the
cost of total invested equity. Stakeholders and shareholders are always determined to know how well the bank has
produced value for its investors and how well the bank is operating.
Taka in Million
Particulars 2023 2022 2021 2020 2019
Net Operating Profit 38,462 23,823 20,904 21,527 17,100
Provision for Taxes (3,839) (3,667) (1,934) (2,108) (2,043)
Net Operating Profit after Tax (NOPAT) 34,623 20,157 18,970 19,419 15,057
Shareholders' Equity 86,559 81,191 76,743 85,616 68,098
Add: Cumulative provision for Loans,

Investment, Other Asset and Off Balance 132,969 108,089 94,952 82,833 69,273
sheet exposures
Capital Employed 219,528 189,280 171,695 168,449 137,371
Average Capital Employed 204,404 180,487 170,072 152,910 133,415
Average cost of equity (%)

(Based on weighted average rate of 10
12.82% 10.33% 10.50% 10.66% 11.00%
years treasury bond issued by Bangladesh
Government +2% risk premium)
Capital Charge 26,205 18,644 17,858 16,300 14,676
Economic Value Added (EVA) 8,418 1,512 1,112 3,119 382
EVA/Average Shareholders' Equity (%) 10.04% 1.91% 1.37% 4.06% 0.56%
Economic Value Added

8418
3119
1512
1112
382
2019 2020 2021 2022 2023

MARKET VALUE ADDED STATEMENT
Market Value Added (MVA) statement is the difference between the current total market value and the capital
contributed by investors. A high MVA indicates that the bank has created substantial wealth for the shareholders. The
calculation of MVA is given below.
Market Value Added = Market Value - Capital Invested SBPLC is a non listed banking company. Its shares are not
publicly traded. So, its market value is not available. But considering the intrinsic value method, its shares have been
valued and accordingly the market value has been prepared.
Particulars Number of Share Value Per Share (Taka) Amount in Taka

Intensive value per share 453,000,000 191.08 86,559,035,333
Book Value 453,000,000 100.00 45,300,000,000
Market Value Added 453,000,000 91.08 41,259,035,333
Maintaining Liquidity-2023
Maturity Analysis Below 1 year 1-5 years Above 5 years Total
Interest earning Assets 660,735,701,066 449,613,263,871 584,398,820,865 1,694,747,785,802
Non-interest earning Assets 104,186,356,170 11,653,968,665 170,541,551,079 286,381,875,914
Total Assets 764,922,057,236 461,267,232,536 754,940,371,944 1,981,129,661,716
Interest bearing Liabilits 1,306,540,937,428 117,771,599,448 98,880,870,038 1,523,193,406,915
Non-interest bearing Liabilits 15,317,319,460 28,022,452,808 328,037,447,200 371,377,219,468
Total Liabilities 1,321,858,256,888 145,794,052,256 426,918,317,239 1,894,570,626,383
Net Liquidity Gap (556,936,199,652) 315,473,180,280 328,022,054,705 86,559,035,333
The liquidity policy of the Bank has always been to carry a mismatch in the interest earning assets and interest bearing
liabilities in the 1-30 days category. The liquid assets ratio of SBPLC stood at 40.27% (required 19.50% of total demand
and time deposits) in December 2023. The Asset Liability Committee (ALCO) of the Bank monitors the situation and
maintains a satisfactory trade-off between liquidity and profitability.
Payment of Dividend
The dividend policy of the Bank aims at offering a decent dividend to its shareholders after strengthening funds,
maintaining positive growth and fulfilling capital requirements by retaining sufficient profit. As the retained earnings of
SBPLC is still negative, the Bank has not recommended any dividend for the year 2023.
Maintaining Capital Adequacy
Eligible Capital 2023 2022

Tier-1 (Core Capital) 62010.40 55,524.35
Tier-2 (Supplementary Capital) 16726.86 14,985.76
Tier-3 (Eligible for Market Risk Only) - -
Total Eligible Capital 78737.26 70,510.11
Total Risk Weighted Assets (RWA) 781565.00 701,286.80
Capital to Risk Weighted Asset Ratio (CRAR)/ (CAR) 10.07% 10.05%
Core Capital to RWA 7.93% 7.92%
Supplementary Capital to RWA 2.14% 2.14%
Minimum Capital Requirement (MCR) 78156.50 70,128.68
Capital Surplus/(Shortfall) 580.77 381.43

SONALI BANK PLC
CREDIT RATING
Credit Rating Information and Services Limited (CRISL) rated Sonali Bank PLC in their report; they rated the Bank AAA
as With Government Support for long term and ST-1 for short term. They also rated the Bank A+ as Commercial Bank
for long term and ST-2 for short term. The outlook of the rating is stable. The rating company performed the rating
surveillance based on Audited Financial Statements and other relevant information based on 31 December 2022.
Surveillance Rating Upto June 2024 Upto June 2023

Long Term Short Term Long Term Short Term
As Government Supported Bank AAA ST-1 AAA ST-1
As Commercial Bank A+ ST-2 A+ ST-2
Outlook Stable Stable
FINANCIAL CALENDER 2023

FINANCIAL CALENDER 2023
Events Status Date
17th Annual General Meeting Will be held on 29 May 2024
Financial Statement for the year 2023 Signed on 30 April 2024
Audited consolidated results for the 4th quarter ended 31 December 2023 Announced on 30 April 2024
Unaudited solo results for the 1st quarter ended 31 March 2023 Announced on 30 April 2023
Unaudited solo results for the 2nd quarter ended 30 June 2023 Announced on 31 July 2023
Unaudited solo results for the 3rd quarter ended 30 September 2023 Announced on 31 October 2023
FINANCIAL CALENDER 2024 (PROPOSED)

Events Status Date
18th Annual General Meeting Will be held on 31 March 2025
Financial Statement for the year 2024 Will be Signed on 27 February 2025
Audited consolidated results for the 4th quarter ended 31 December 2024 Will be Announced on 27 February 2025
Unaudited solo results for the 1 st quarter ended 31 March 2024 Announced on 30 April 2024
Unaudited solo results for the 2nd quarter ended 30 June 2024 Will be Announced on 31 July 2024
Unaudited solo results for the 3rd quarter ended 30 September 2024 Will be Announced on 31 October 2024

RISK MANAGEMENT AND
CONTROL ENVIRONMENT

SONALI BANK PLC
REPORT ON RISK MANAGEMENT

Risk Management at Sonali Bank PLC includes risk identification, risk assessment, risk measurement and risk mitigation
and its main objective is to minimise negative impact on profitability and capital. Banks are, therefore, required
to maintain and organizational unit in charge of risk management. Banks face various risks throughout its overall
business activities. The major risks are credit risk, market risk, liquidity risk and operational risk which includes IT risk.
An independent Risk Governance Structure, in line with international best practices, has been put in place, in the
context of separation of duties and ensuring independence of Risk Measurement, Monitoring and Control functions.
The core aim of all process is to provide adequate transparency and understanding of the existing and emerging risk
issues and to ensure a holistic cross-risk perspective.
Risk Management Framework

Risk management process of Sonali Bank PLC is based on The risk management framework is applied on an
the Bangladesh Bank guidelines and the clear concept of enterprise-wide basis and consists of three key
identification, assessment, parameter setting, controlling elements:
and monitoring activities. The primary goals of risk
management are to ensure that the outcomes of risk- A. Risk Governance,
taking activities are consistent with the Bank’s strategies
B. Risk Appetite, and
and risk appetite, and that there is an appropriate balance
between risk and reward in order to maximize return. C. Risk Management Tools
Risk Governance
Risk Appetite, Risk Tolerance, Risk Limit

Risk Appetite Statement
Risk Management Tools:

Policy & Limits Guidelines, Process & Standards Measuring, Monitoring, Reporting Stress Testing
Risks Issues:
Credit, Market, Liquidity, Operational, ICT, AML, Environmental, Others
Risk Management Framework
A. Risk Governance:
The various risks across Bank is monitored and reviewed through the Executive Level Committee and
the Risk Management Committee of the Board which meets regularly. Risk Management Committee at
Operational unit and Business unit level are also in place.
Board’s Risk Management Committee
Risk Management Committee at Management Level
Credit Risk Asset Foreign Anti Money Internal ICT Risk

Management Liability Risk Exchange Risk Laundering Risk Control and Management
Committee Management Management Management Compliance Risk Committee
Committee Committee Committee Management
Committee

As per BB’s instruction SBPLC has reformed its risk management division in following structure:
Chief Risk Officer (CRO) (DMD)
Head of Division (DGM)
CRM Desk Capital ALM Desk ICC Desk Stress Test AML Desk ICT Desk FX Desk
Manage- Desk
ment Desk
B. Risk Appetite
Effective risk management requires clear For major risks (credit, market, liquidity, and
articulation of the Bank’s risk appetite and how operational), the key risk appetite measures are
the Bank’s risk profile will be managed in relation supported by management level limit structures
to that appetite. Sonali Bank started preparing and controls. Management’s dedicated attention
its risk appetite statement from 2016 as per to these risks creates a focus on forward looking
Bangladesh Bank’s guideline. The Bank’s Risk activities that keeps the Bank within its risk appetite
Appetite Framework consists of a risk capacity, risk on an on-going basis.
appetite statement and key risk appetite measures.
Together application of the risk appetite statement
and monitoring of the key risk appetite measures Key Risk
help to ensure the Bank stays within appropriate
risk boundaries. The Bank’s Credit Risk Appetite
Appetite
further defines the Bank’s risk appetite with respect Measures
to lending, counter-party credit risk, and other
credit risks (such as investments).
The Bank’s Risk Appetite Framework combines Risk

qualitative and quantitative terms of reference to Appetite
guide the Bank in determining the amount and Risk
types of risk it wishes to prudently undertake Risk Appetite
in pursuing the Bank’s strategic and financial Capacity Statement
objectives. Key risk appetite measures provide
clear idea of risk tolerance and risk limits which are
critical in implementing effective risk management.
C. Risk Management Tools

Effective risk management deploys tools that are guided by the Bank’s Risk Appetite Framework and
integrated with the Bank’s strategies and business planning processes.
Guidelines, Process & Standards Policies & Limits

Risk
Management
Tools
Measurment, Monitoring and Reporting Stress Testing, RMP,CRMR

SONALI BANK PLC
Policies, Procedures and Limit Structure of Sonali Bank PLC.
• Risk Management policies, procedures and limits • A compliance monitoring procedure has been
are properly documented; deployed for all policies;
• Policies are reviewed annually or on demand basis; • An independent internal control unit has been
formed in SBPLC to check internal compliance;
• All policies and procedures are duly approved by
the Board of Directors; • Provide a comprehensive Bank wide view of risks
across at material risk types.
• Policies are assigned with full accountability and
clear lines of authority for each activity and product
area;
Guidelines, Processes and Standards
Guidelines are the directives provided to implement policies as set out above. Generally, they describe the
facility types, aggregate facility exposures and conditions under which the Bank is prepared to do business.
Guidelines ensure the Bank has the appropriate knowledge of clients, products, and markets and that it fully
understands the risks associated with the business it underwrites. Guidelines may change from time to time,
due to market or other circumstances. Risk taking outside of guidelines usually requires approval of the Bank’s
CEO.
Processes are the activities associated with identifying, evaluating, documenting, reporting and
controlling risks.
Standards Define the breadth and quality of information required to make a decision, and the expectations in
terms of quality of analysis and presentation. Processes and standards are developed on an enterprise-wide
basis, and documented in a series of policies, manuals and handbooks under the purview of Risk Management
Division. Key processes cover the review and approval of new products, model validation and stress testing.
Risk Measurement, Monitoring and Management Reporting System
An effective risk monitoring procedure exists in the SBL has a separate Management Information Systems
Bank to identify and measure all quantifiable and (MIS) Division which provides necessary information
material risk factors; to Risk Management Division and Senior Management
for understanding the bank’s position and risk
exposure in time;
Disclosure of risk reporting

Risk management activities are being reported to both internal and external controlling authorities seeking further
direction for proper and timely mitigation of risks:
Reporting to Management
Risk Reporting Reporting to Board of Directors
Reporting to Central Bank
Risk Management Paper (RMP) consisting of various data related to Credit Risk, Market Risk, Liquidity Risk and
Operational Risk from all related divisions are presented in the monthly meeting of all Risk Committee and
Sub-risk Committee conducted under the supervision of Risk Management Division (RMD). Subsequently, the
RMP is submitted to the Risk Management Committee of the Board and the decisions are communicated to
relevant divisions of the bank for implementation. The report also submitted to Bangladesh Bank on monthly
basis. Bangladesh Bank also determines the status of risk management of the bank on the basis of RMP and
provides Risk Management rating bi-annually which is ultimately considered in the CAMELS rating of the Bank.

Capital Adequacy as on 31st Dec 2023 (Tk. in Crore)
Minimum Capital Requirement 10% of Risk Weighted Asset
Risk Weighted Asset 78156.50
Minimum Capital Requirement 7815.65
Capital maintained 7873.73
Capital surplus 58.08
Present CRAR 10.07 %
Analysis of Stress Testing Result as on 31 December 2023
After Minor After Moderate After Major

Individuals Shock
Shock (%) Shock (%) Shock (%)
1 Performing loan directly downgraded to B/L: Sectoral Concentration 1 9.90 9.56 9.21
2 Performing loan directly downgraded to B/L: Sectoral Concentration 2 9.92 9.62 9.31
3 Increase in NPLs due to default of Top large borrowers 10.07 8.99 8.42
4 Negative Shift in NPLs categories 9.13 1.41 -0.77
5 Decrease in the FSV of the Collateral 9.18 8.28 6.41
6 Increase in NPLs 8.73 5.37 0.09
7 Interest Rate 7.92 5.77 3.62
8 FEX: Currency Appreciation 9.96 9.84 9.72
9 Equity Shock 9.28 8.46 6.79
Combined Shock 3.83 -11.24 -24.51
Stress testing is a simulation technique to determine the reactions of different financial institutions under a
set of exceptional, but plausible assumptions. A stress test, in financial terminology, is an analysis or simulation
designed to test the ability of a given financial institution to deal during forecasted economic crisis. Instead of
doing financial projection on a “best estimate” basis, a bank or its regulators do stress testing where it looks at
how robust institutions is in certain crashes a kind of “what if” scenario analysis. This type of analysis has become
increasingly widespread and has been taken up by various Governmental bodies as a regulatory requirement
on certain financial institutions to ensure adequate capital allocation to cover potential losses incurred during
extreme, but plausible events. Stress testing framework as provided by Bangladesh Bank assesses the impact
on CRAR due to minor, moderate and major level of shock in terms of credit risk, exchange rate risk, liquidity
risk, equity price risk and interest rate risk. Stress testing for credit risk assesses the impact of increase in the
level of Non-Performing Loans (NPLs) of the banks.
Comprehensive risk management report (CRMR) is prepared on half yearly basis to record different risks
related issues of credit, market and operational risk across the Bank and submitted to Bangladesh Bank. Bank
Risk Management Committee (BRMC) reviews this paper and recommends action plans to concern department
for mitigating identified risk areas and follow-up the implementation of previous recommendations.
Credit Risk: Credit Risk is defined as the possibility of losses associated with the diminution in the credit quality
of borrowers or counterparties from outright default or from reduction in portfolio value. Credit Risk emanates
from a bank’s dealings with an individual, non-corporate, corporate, Bank, financial institution or sovereign.

SONALI BANK PLC
Mitigation Measures: ALCO: The responsibility of Asset Liability Management

is assigned to the Treasury Management Division of this
A. Policy Guidelines Bank. Specifically, the balance sheet used to manage by
• Lending Guidelines the Asset Liability Management (ALM) desk which has
established on the Treasury Division.
• Credit Assessment and ICRRS
• Approval Authority Market Risk:
• Segregation of Duties Market risk is the potential of losses to income or the
• Internal Audit value of asset, liabilities and equity arising from changes
in market prices. Such market prices may include
reference Interest rates, Foreign Exchange rates, Traded
B. Preferred Organizational Structure Prices of Equity Shares and other commodities etc.
Sonali Bank PLC. has decentralized credit risk
management system. Based on delegation of power the Strategy & Business Risk
following authority plays role in this regard. Liquidity Risk
• Role of the Board of Directors Reputation &
Strategy & Business Risk
Strategy & Business Risk

Behavioral Risks
• Role of Senior Management
Credit & Operational
• Role of the Credit Risk Management Committee
Cov
Counterparty Risk & AML /
• Organisational Structure of Credit Officials Risk CFT
enant Risk
Interest Foreign
C. Procedural Guideline Rate Exchange
Risk Risk Rate Risk
• Credit Administration acy
u Reputation &
eq Behavioral Risks
• Credit Monitoring pital Ad
Ca
• Credit Recovery
Other Regulations of BB Relating to Credit Risk Strategy & Business Risk
• Policy on Loan Classifications

Liquidity Risk:
• Policy on Single Borrower Exposure
• Policy For Rescheduling of Loans It generates from the failure or inability to meet current
and future financial obligations by bank due to shortfall
• Policy For Loan Write Off
of cash or cash equivalent assets. Banks are exposed to
• Guidelines on Managing Core Risk in Banking liquidity risk where the more liquidity is generated, the
• Guidelines on Environmental Risk Management greater are the possibility and severity of losses associated
with having to dispose of illiquid assets to meet the
• Restrictions on Lending to Directors of Private liquidity demands of depositors. However besides
Banks depositor, revealed that banks that make commitments
• Implementation of Credit Risk Grading Manual to lend are exposed to the risk of unexpected liquidity
demands from their borrowers.
• Prudential Guidelines for Consumer Financing and
Small Enterprise Financing Statutory liquidity ratio of SBPLC
• Green Banking (Figure in Crore)
Particulars Dec- 2022 Dec- 2023
Asset-Liability Risk Required 5460.1538 5846.0256

CRR
Maintained 7153.7262 7523.1194
ALM is a process to manage the composition and pricing
Required 17745.4997 18999.5831
of the assets, liabilities and off balance sheet items and SLR
Maintained 57641.0768 58857.6329
aims to control banks exposure to market risks, with
the objective of optimizing net income and net equity
value within the overall risk preferences of the Bank. Structural Liquidity Profile
ALM programs focus on interest rate risk, liquidity risk
and foreign exchange risk as those represent the most Particulars Dec- 2022 Dec- 2023 Ideal Scenario
prominent risks and may affect the overall balance- LDR 59.59% 66.89% 87.00%
sheet of the organization. Individual risk mitigation
MCO 8.49% 13.91% <17.00%
methodology is discussed hereinafter.

Foreign Exchange Risk: The risk of an investment’s Anti-Money Laundering Risk (AML): It arises from the
value changing due to changes in currency exchanges practice of disguising the origins of illegally- obtained
rate. The risks that an investor will have to close out a money (drug dealing, corruption, accounting fraud
long or short position in a foreign currency at a loss due and other types of fraud, and tax evasion etc.) through
to an adverse movement in exchange rates also known banking channel and the proceeds of crime are made to
as “currency risk” or “exchange-rate risk”. The Bank has appear legitimate. Sonali Bank PLC. has fully confirmed
Foreign Exchange Risk management policies approved the above issues. In order to mitigate money laundering
by the Board of Directors. Treasury management division risk, SBL has assigned CAMLCO in its head office and
is carrying out treasury operations in accordance with the BAMLCO in all branches.
policies and procedures and effective risk management
framework. The front office, mid office and back office The following major issues that bank have been
have been segregated as per the Bank policy. Mid office incorporated in the respective policy and followed them
which is independent of risk taking unit, is responsible to mitigate money laundering risk:
for risk management, monitoring, internal controls and
management reporting. • Bank has developed, administered, and maintained
an anti-money-laundering compliance policy.
The Mid office revalues all Nostro and Vostro balances
at current market rates on the last working day of • Bank updates the policy in every year incorporating
each month to monitor risk levels of the Bank. The the current issues.
management reports generally contain the following
information: • The policies have been tailored to the institution
and based upon an assessment of the money
i) Foreign exchange risk exposures; laundering risks.
ii) Information on adherence to policies and limits; • The policy address its know your customer (KYC)
iii) Findings of risk reviews on foreign exchange risk policy and identification procedures before opening
policies and procedures. new accounts, monitoring existing accounts for
unusual or suspicious transactions or activities.
The mid office conducts reviews of internal control and
risk management process to ensure its integrity, accuracy
• It also includes a description of the roles
and reasonableness and is responsible for the following
and responsibilities of the anti-money laundering
works related to both internal and external audits.
compliance officers(s)/Money Laundering and
iv) Making all out efforts to get all the audit objections Terrorism Financing Division and other appropriate
settled within specified time; personnel will play in monitoring compliance with
and effectiveness of money laundering policies
v) Preparing the compliance report and forwarding and procedures.
the same to audit teams.
The following measures have been taken to control • There is a separate division which Money
foreign exchange risks: Laundering and Terrorism Financing Division to
monitor money laundering issues which needs to
i) Set counterparty limit (Revised on 27.04.2014) be reported to Bangladesh Bank.
ii) iSet limit for open position
• Cash transaction report (CTR) is being sent to
iii) Monitor market movements Bangladesh Bank on monthly basis for cash
iv) Timely reconciliation transaction of 1.00 million or above in a day.
v) Imposed Dealer’s dealing limits- Intra-day limit, per • During inspection the branches, the auditors report
deal limit, stop loss limit per day, loss limit per deal. provided by BB about strengthening the on-site
vi) Concurrent auditor has been posted to oversee day and off-site supervision relating to prevent money
to day treasury operations; laundering and terrorist financing.
vii) Introduction of verification system for payment Internal Control and Compliance (ICC) Risk: Our
instruction (PI) through SWIFT message MT 202 and management of operational risk and compliance
MT 740 obligations has not kept pace with increasing demands.
viii)Reports prepared by the front office regarding Foreign A good risk culture is one where risk management
Exchange deal containing information of Blotter Size is everyone’s job. We will preserve the customer
Limit, Deal Amount (Currency wise), Gross Profit, Net orientation of our culture, but apply lessons from best-
Profit and Limit Breach has presented to the higher in-class organisations that have built strong operational
authority on daily basis. risk cultures.

SONALI BANK PLC
We will do what it takes to fix the root causes of issues, Information and Communication Technology (ICT)
including governance, capability, culture and investment.
Risk: Sonali Bank has formulated the ICT policy to use as a
Bank has introduced risk registrar for anticipating the
minimum requirement and as appropriate to the level of its IT
risky issues earlier.
operation. The guidelines includes IT security policy, physical
security policy, password policy, anti-virus policy, server
The main objectives of internal control are as follows:
security policy, IT assets administration and management
• Performance objectives: To maintain the efficiency policy, disaster management policy and system audit policy.
SBPLC has adopted sufficient measures to protect the safety
and effectiveness of overall operating activities.
and security of information and communication platform
• Information objectives: To ensure the reliability, from unauthorized access, modification, virus, disclosure,
completeness and timelines of financial and cyber security and destruction in order to ensure business
management information. continuity, data safety and security thereby protecting
customers' interest at large. Sonali Bank PLC has appointed
• Compliance objectives: To ensure the robust Chief Information Technology Officer (CITO) for managing
compliance with applicable laws and regulations. ICT risk in day to day service properly.
Internal Capital Adequacy Assessment Process (ICAAP)

The bank developed ‘Internal Capital Adequacy Assessment Process-ICAAP’ document following the ‘Revised Process
Document for SRP-SREP Dialogue on ICAAP, 31-May-2014’ of Bangladesh Bank. This document covers capital charge
process under Pillar II Supervisory Review Process (SRP) for the following risk areas:
Sl. Types of Risks Risk Area
Error in documentation
1 Residual Risk
Error in valuation of collateral
2 Evaluation of Core Risk Management Ratings of Core Risks implementation
Credit Concentration Risk

3 Credit Concentration Risk
Market Concentration Risk
Cash Reserve Ratio (CRR)

Statutory Liquidity Ratio (SLR)
4 Liquidity Risk Medium Term Funding (MTFR)
Maximum Cumulative Outflow (MCO)
Advance Deposit Ratio (ADR)
Credit Rating conducted by ECAIs

Internal Fraud
5 Reputation Risk
External Fraud
Non-Payment or Delayed payment of accepted bills
Issues of foreign trade settlement

6 Settlement Risk
All types of receivables
CAMELS rating
Operating expenses
Classified loans ratio
7 Strategic Risk Recovery of classified loan
Written-off loans
Interest waiver
Cost of fund
8 Environmental & Climate change Risk Damage of assets from adverse change of environment
9 Other Material Risk Other risks that may jeopardize bank’s assets or income.

DISCLOSURE ON RISK BASED
CAPITAL (BASEL III)
The public disclosure of prudential information is an important component of Basel Committee on Banking
Supervision’s (BCBS’s) framework of capital measurement and capital adequacy, known as Basel III. Bangladesh Bank
has specified the standard of disclosure through Guidelines on Risk Based Capital Adequacy (December 2010) which
was revised in Basel III Guideline on December 2014 with effect from January 2015. The aim of introducing Market
discipline in the revised framework is to establish more transparent and more disciplined financial market so that
stakeholders can assess the position of the bank regarding holding of assets and to identify the risks relating to the
assets and capital adequacy to meet probable loss of assets. The reports are purported to affirm the information on
Minimum Capital Requirement (MCR) under pillar-I and Supervisory Review Process (SRP) under pillar-II and ensure
transparency about the capital adequacy framework, risk assessment and mitigation methodologies, risk exposure in
various spectrum so that the stakeholders of the industry can examine the risk related compliance of the Bank.
In line with the Bangladesh Bank BRPD Circular no. 35 of December 29, 2010 as to Guidelines on ‘Risk Based Capital
Adequacy for Banks’ and subsequent BRPD Circular 18 dated December 21, 2014 on ‘Guideline on Risk Based Capital
Adequacy’, Sonali Bank PLC is complying with following detailed qualitative and quantitative disclosures in accordance
with the central bank directions covering scope of capital adequacy framework, capital of the bank, risk exposure and
assessment methodology, risk mitigation strategies and capital adequacy of the bank.
1. Scope of Application
Qualitative Disclosures
a) The name of the top
corporate entity in the SONALI BANK PLC
group to which this [A State Owned Commercial Bank]
guidelines applies:
b) An outline of differences Sonali Bank PLC ("the Bank" or "SBPLC"), a state owned largest commercial Bank,
in the basis of consolidation was incorporated in Bangladesh on 03 June 2007 in the name "Sonali Bank Limited"
for accounting and as a Public Limited company under the Companies Act, 1994 and is governed by the
regulatory purposes, with Bank-Company Act, 1991 (amended to date). The Bank’s evolution and prominence
a brief description of the in the financial sector have been shaped by its history of amalgamation of the
entities within the group National Bank of Pakistan, Bank of Bahawalpur, and Premier Bank Limited as the
that are erstwhile nationalized “Sonali Bank” pursuant to Bangladesh Bank (Nationalization)
order, 1972 (P.O. No. 26 of 1972) on a going concern basis. The Bank took over the
businesses, assets, liabilities, right, power, privilege and obligation of the Sonali Bank
through a vendor agreement signed between the Ministry of Finance, People's
(i) fully consolidated; Republic of Bangladesh on behalf of Sonali Bank and the Board of Directors on
behalf of Sonali Bank PLC on 15 November 2007 with a retrospective effect from 1
July 2007. The Bank has 1,232 branches including two overseas branches at Kolkata
and Siliguri in India.
(ii) given a deduction
treatment; and Capital to Risk-weighted Assets Ratio (CRAR) report of Sonali Bank PLC is submitted
to Bangladesh Bank on ‘Solo’ basis as well as ‘Consolidated’ basis.
‘Solo Basis’ refers to all position of the bank and its local and overseas branches/
offices; and ‘Consolidated Basis’ refers to all position of the bank and its subsidiary
(iii) neither consolidated nor
companies.
deducted (e.g., where the
investment is risk-weighted). The Bank has four subsidiaries and one associate company.

SONALI BANK PLC
Subsidiaries of the Bank

1) Sonali Exchange co. Inc. (SECI), an entirely owned (100% owned) subsidiary
in USA.
2) Sonali Investment Limited (SIL), an entirely owned (100% owned) subsidiary in
Dhaka, Bangladesh.
3) Sonali Pay (UK) Limited (SPUK), an entirely owned (100% owned) subsidiary in
United Kingdom.
4) Sonali Bangladesh (UK) Limited, 49% share capital of the company is held by
Sonali Bank PLC and the remaining 51% shares hold by the Government of the
People’s Republic of Bangladesh. It was considered as subsidiary in control
perspective as per instruction of Bangladesh Bank from 2021.
Associate of the Bank
Sonali Intellect Limited, The ownership of the Company having 51% share capital
in favor of Intellect Design Arena Limited, India, 35% by Sonali Bank PLC, 10% by
Bangladesh Commerce Bank Ltd and remaining 4% by Panthosoft Limited. It is
operating in Dhaka, Bangladesh.
c) Any restrictions, or
other major impediments, Sonali Bank PLC transfers funds or regulatory capital within the group (subsidiaries
on transfer of funds or & associate) as per Banking rules and regulations with the approval of the Board /
regulatory capital within the Competent Authority.
group.
Quantitative Disclosures
The following subsidiaries & associates has included their
d) The aggregate amount of (Tk. In Crore)
financial activities and their aggregate capital is as under:
surplus capital of insurance
subsidiaries (whether • Sonali Exchange co. Inc. (SECI) 10.45
deducted or subjected to • Sonali Investment Limited (SIL) 200.00
an alternative method) • Sonali Pay (UK) Limited (SPUK) 13.17
included in the capital of the • Sonali Bangladesh (UK) Limited 410.03
consolidated group.
• Sonali Intellect Limited 2.63
2. Capital Structure
In Basel-III framework, the quality and quantity of regulatory capital have been
enhanced to increase the resilience. Assessing regulatory capital in relation to
overall risk exposures of a bank is an integrated and comprehensive process. The
regulatory capital under Basel-III is composed of (I) Tier-1 (Going- concern Capital)
and (II) Tier-2 (Gone-concern Capital).
As per Bank Company Act, 1991 (Amended up to 2018) section 13, the terms and
conditions of the main features of all capital instruments have been segregated in
terms of the eligibility criteria set forth vide BRPD Circular No. 18 dated 21 December
2014 [Guidelines on Risk Based Capital Adequacy (Revised Regulatory Capital
Framework for Banks in line with Basel III)] and other relevant instructions given by
Bangladesh Bank from time to time. The main features of the capital instruments
are as follows:
Total Regulatory Capital= Tier-1 Capital (Common Equity Tier-1 + Additional
Tier-1)+ Tier-2 Capital
1. Tier-1 Capital (Going-Concern Capital):
Tier-1 capital also called core capital is the high quality capital that can absorb
losses. The Tier 1 capital is divided into two categories which are:
i. Common Equity Tier 1 (CET1) Capital: Common Equity Tier 1 capital (CET1) is
the highest quality of regulatory capital, as it absorbs losses immediately when they
occur without triggering bankruptcy of the Bank. CET 1 of SBPLC consists of:

Paid-up share capital: Issued, subscribed and fully paid up share capital of
the Bank.
Statutory reserve: As per Section 24 of the Bank Company Act, 1991 (Amended
up to 2013), an amount equivalent to 20% of the profit before taxes for each
a) Summary information on year of the Bank has been transferred to the Statutory Reserve Fund.
the terms and conditions of General Reserve: General reserve created out of profit.
the main features of all capital Retained earnings: Amount of profit retained with the banking company
instruments, especially in the after meeting up all expenses, provisions and appropriations.
case of capital instruments ii. Additional Tier 1 (AT1) capital: Additional Tier 1 capital (AT 1) also provides loss
eligible for inclusion in CET 1, absorption on a going concern basis. There is no Additional Tier-1 capital instrument
Additional Tier 1 or in Tier 2. at this moment.
2. Tier-2 Capital (Gone-Concern Capital):
Tier 2 is an additional component of the bank’s core capital base under the Basel
accord which will absorb losses only in a situation of liquidation of the Bank. Tier 2
of SBPLC consists of:
General provision: As per Bangladesh Bank directive, amount of provision maintained by Bank.
Regulatory Capital (Tk. in Crore)

Common Equity Tier1 Capital(Going Concern Capital) : Solo Consolidated
Paid up capital 4530.00 4530.00
Statutory reserve 1809.32 1809.32
b) Amount of Regulatory General reserve 43.74 105.50
Capital with separate Retained earnings (96.80) (16.87)
Disclosure of CET-1, AT-1, Minority Interest in subsidiaries /Non-Controlling Interest - 500.29
T-1 and T-2 capital Additional Tier 1 (AT1) capital : - -
Total of Tier 1 capital [A]: 6286.26 6928.24
Tier-2 Capital (Gone Concern Capital) Solo Consolidated
General provision 1672.69 1672.69
Total of Tier 2 capital [B]: 1672.69 1672.69
c) Regulatory Adjustment / Less: Deduction Solo Consolidated

Deductions from capital Goodwill and all other Intangible Assets (Software) [C]: 85.22 88.81
Less: Deduction Solo Consolidated

d) Total eligible capital
Total eligible capital [A+B-C]: 7873.73 8512.12
Solo Tier 1 Conso Tier 1
1%-1% 0% 7%
2%
5%
Paid Up Capital Paid Up Capital
Statutory Reserve 26% Statutory Reserve
General Reserve General Reserve
Retained Earning Retained Earning
Non Controlling Interest
75% 65%
Tier 2 Capital Comparison Of Capital

(Tk. in million)
Tier-1 Tier-2
0%
6839.43
General Provision
6201.04
Revaluation Resserve
1672.69
1672.69
100%
Solo Conso

SONALI BANK PLC
3. Capital Adequacy
The Bank assesses the adequacy of its capital in terms of Section 13 (1) of the
Bank Company Act, 1991 (Amended up to 2013) and instruction contained in
BRPD Circular No. 18 dated 21 December 2014 [Guidelines on ‘Risk Based Capital
Adequacy for Banks’ (Revised regulatory capital framework in line with Basel III)].
However, in terms of the regulatory guidelines, the Bank computes the capital
charge / requirement as under:
i. Credit risk: On the basis of Standardized Approach;
ii. Market risk: On the basis of Standardized Approach; and
iii. Operational risk: On the basis of Basic Indicator Approach.
a) A summary discussion Sonali Bank PLC is very much aware of maintaining Capital to support its current
of the bank’s approach to and future activities in view to this objective. With a view to meet-up provision
assessing the adequacy of shortfall and adjustment of deferred tax assets, an Action Plan has been prepared
its capital to support current and subsequently approved by the Board.
and future activities
The Bank has maintained Capital to Risk-weighted Assets Ratio (CRAR) of 31
December 2023 on the basis of ‘solo’ and ‘Consolidated’ which is 10.07% and
10.90% respectively as against the minimum regulatory requirement of 10%. This
has been calculated considering forbearances allowed by Bangladesh Bank.
Common Equity Tier-I (CET-1) and Minimum Tier-1 Ratio to RWA ratio including
Capital Conservation Buffer for ‘solo’ is 7.93% as well as ‘consolidated’ is 8.76%
against the minimum regulatory requirement of 4.50% and 6.00% respectively. Tier-
2 ratio for ‘solo’ is 2.14% as well as ‘consolidated’ is 2.14%. Maximum limit of Tier-2
Capital (Tier-2 capital can be maximum up to 4% of the total RWA or 88.89% of
CET1, whichever is higher).
Capital Conservation Buffer for the year 2023 is 0.07% as ‘solo’ and 0.90% as
‘consolidated’.
(Tk. in Crore)
Capital Requirement for Solo Consolidated
Credit Risk 6317.68 6288.19
b) Capital Requirement
Market Risk 617.62 617.62
Operational Risk 880.35 903.24
Total Capital Requirement 7815.65 7809.05
(Tk. in Crore)
Solo Consolidated
c) Total Capital, CET 1 Capital
Capital to Risk Weighted Assets Ratio (CRAR) 10.07% 10.90%
, Tier-1 Capital and Tier 2 Common Equity Tier-1 to RWA Ratio 7.93% 8.76%
capital ratio: Tier-1 Capital to RWA Ratio 7.93% 8.76%
Tier-2 Capital to RWA Ratio 2.14% 2.14%
d) Capital Conservation Capital Conservation Buffer 0.07% 0.90%

Buffer
e) Available Capital under Pillar 2 Requirement Nill
Note: As per Bank request dated 29 April 2024, Bangladesh Bank approved deferral through vide no-DOS(CAMS)115
7/41(Dividend)/2024-1840 dated 30 April 2024 not to deduct deferred tax assets amounting taka 1,985.15 crore and
provision shortfall amounting taka 2,506.76 Crore against Common Equity Tier-1 (CET-1) Capital and maintained
CRAR 10.07%<10.10% as on 31 December 2023. Bank has complied that instruction accordingly.

4. Credit Risk
Credit risk is the potential loss that may arise from a borrower’s failure to repay a
loan or meet its obligation in accordance with agreed term. Banks are very much
prone to credit risk due to its core activities i.e. lending to corporate, SME, individual,
another bank/ FI.
a)The general qualitative
disclosure requirement As per relevant Bangladesh Bank guidelines, the Bank defines the past due and
with respect to investment impaired loans and advances for strengthening the credit discipline and mitigating
(credit) risk, including : the credit risk of the Bank. The impaired loans and advances are defined on the basis
of (i) Objective / Quantitative Criteria and (ii) Qualitative judgment. For this purposes,
all loans and advances are grouped into four (4) categories namely- (a) Continuous
Loan (b) Demand Loan (c) Fixed Term Loan and (d) Short-term Agricultural & Micro
Credit.
According to the instructions of Bangladesh Bank, all Loans & Advances are
classified into four segments. These are:
1. Special Mention Account (SMA)

2. Substandard (SS)
3. Doubtful (DF)
4. Bad / loss (BL)
Sonali Bank follows strictly all the regulations provided by Bangladesh Bank while
calculating the above.
Period for
Classification
SL Types of Loans Classification
(i) SBPLC follows Bangladesh Status
(past due)
Bank’s BRPD Circular SMA (>2<3) Month
No.14 Dated 23 September
SS (≥3<9) Month
2012 and subsequent 1 Continuous Loan
modification in rules for DF (≥9<12) Month
changes in classification of BL ≥12 Month
loans & advances SMA (>2<3) Month
SS (≥3<9) Month
2 Demand Loan
DF (≥9<12) Month
BL ≥12 Month
SMA (>8<9) Month
SS (≥9<15) Month
3 Fixed Term Loan
DF (≥15<18) Month
BL ≥18 Month
SS (>12<36) Month
Short Term Agricultural & Micro
4 DF (≥36<60) Month
Credit
BL ≥60 Month

SONALI BANK PLC
Unclassified Classified
Types of Loans & Advances Standard SMA SS DF BL
Short Term Agricultural Credit 1% - 5% 5% 100%
Consumer Financing 2% 2% 20% 50% 100%
(ii) Provisioning depending Housing Finance 1% 1% 20% 50% 100%
on the group: (Approaches Loans to Professionals to setup
2% 2% 20% 50% 100%
followed for specific and business
general allowances) Medium Enterprise Financing 0.25% 0.25% 20% 50% 100%
CMS Financing 0.25% 0.25% 5% 20% 100%
Loans to Brokerage House/
2% 2% 20% 50% 100%
Merchant Bank/ Stock Dealers
All other Credit 1% 1% 20% 50% 100%
Mentionable that, all interest accrued is credited to interest suspense account instead of crediting the same to
income account if the loan is classified as sub-standard and doubtful. However, charging of interest is discontinued
when the loan is classified as bad/loss.
The salient features of Sonali Bank credit risk management policy and procedures
are as under:
• Credit policy approved by the Board: The Board approves the Credit Risk
Management Policy of SBPLC for ensuring the best practice in credit risk
management and maintaining quality of assets. The credit policy/manual has
been put in place in compliance with Bangladesh Bank’s guidelines on credit
risk management and other rules & regulations circulated by BB from time to
time.
• Credit approval is delegated properly: Authorities are properly delegated
ensuring check and balance in credit operation at every stage i.e. screening,
assessing risk, identification, management and mitigation of credit risk as
well as monitoring, supervision and recovery of loans with provision for early
warning system.
• Independent credit risk Management Division: There is an independent
Credit Division (Credit Risk Management Division) to assess credit risks and
suggest the mitigation procedures & techniques while processing the credit
proposals by the Corporate Banking Division for approval.
(iii) Discussion of the Bank’s • Separate credit Administration Division: A separate credit administration
credit risk management division confirms that perfected security documents are in place before
policy: disbursement. SBPLC is continuing a unique process of rechecking security
documentation by a second legal advisor other than the lawyer who vetted it
originally.
• Independent credit Monitoring & recovery Division and Management
recovery committee: An independent and fully dedicated Credit Monitoring
& Recovery Division monitors the performance and recovery of loans,
identify early signs of delinquencies in portfolio and take corrective measures
including legal actions to mitigate risks, improve loan quality and to ensure
timely recovery of loans.
• Credit operations are subject to independent internal Audit: Internal
Control & Compliance Division independently verifies and ensures, at least
once in a year, compliance with approved lending guidelines, Bangladesh
Bank guidelines, operational procedures, adequacy of internal control,
documentation and overall Credit Risk Management System.
• Reporting to Board/ executive committee/risk Management committee: Overall
quality, performance, recovery status, risks status, adequacy of provision of loan
portfolio are regularly reported to the Board of Directors/ Executive Committee/
Risk Management Committee of the Board for information and guidance.

Above all, the Risk Management Division is regularly guiding the Credit Risk
Management Division (s) on increasing the collateral coverage, product/sector
specific diversification of credit exposures, single borrower exposures limit, large
loan portfolio ceiling as stipulated by Bangladesh Bank, improving the asset quality,
conducting credit rating of the borrowers to minimize the capital charge against
credit risk of the Bank. Adequate provision is maintained against classified loans as
per Bangladesh Bank Guidelines. Status of loans is regularly reported to the Board
of Directors/ Risk Management Committee of the Board.
Sonali Bank PLC has its own Credit Risk Management guideline in terms of Core Risks Management guidelines of
Bangladesh Bank. The Bank also follows other instructions/guidelines of Bangladesh Bank in this regard. Sonali
Bank PLC constantly monitors, reviews and analyses its credit portfolio with a view to improving ability of credit
portfolio, minimizing potential losses and ensuring efficient credit process.
To manage the Non-Performing Loans (NPL), Sonali Bank PLC has a comprehensive remedial management policy,
which includes a framework of controls to identify weak credits and monitoring of these accounts constantly.
(b) Total gross credit risk exposures broken down by major types of credit exposure.
On Balance Sheet Exposures Solo Consolidated
Cash Credit General (Hypo) 408.83 408.83
Cash Credit General (Pledge) 93.87 93.87
Packing Cash Credit 383.68 383.68
Overdrafts Loan + TOD 3016.72 2813.02
Demand Loan 0.14 0.14
Small Loan 4.45 4.45
General House Building Loan 820.56 820.56
Staff House Building Loan 7324.63 7324.88
Staff Loan 347.52 347.77
House Building Loan (Govt. Employees) 436.57 436.57
House Building Loan (Public Univ, UGC & CJ) 88.14 88.14
Special Loan Programme 0.49 0.49
Special F.C Term Loan to Payra Port Authority 4999.62 4999.62
Special F.C Term Loan to Sonali Bank (UK) Limited 385.00 0.00
Special Term Loan against Fund Received from BB for Workers' Salary of Export
7.60 7.60
Oriented Industries Under Covid-19
Loan under SB Industrial Credit Scheme 2880.09 2880.09
Loan under External Credit Program 0.00 0.00
Working Capital to Industries (Hypo) 3473.83 3473.83
Working Capital to Industries (Pledge) 133.41 133.41
Working Capital Under Stimulus Pack for Indus & Serve for COVID-19 452.11 452.11
Sonali Credit 54.47 54.47
Loan Under SB Agro Based Industrial Scheme 549.09 549.09
Working Capital to Agro Based Industry (Hypo) 558.92 558.92
Working Capital to Agro Based Industry (Pledge) 240.00 240.00
Agricultural Loan & Other (Wheat, Maze etc) 6692.86 6692.86
Agri. Loan Disbursed at conce. Intt. Rate against COVID-19 110.99 110.99
Agri. Loan Against Special Stimulus Refinance Sch. For COVID-19 68.54 68.54
Micro Credit 1085.18 1085.18
Micro Credit Loan Under B.B Revolving Refi. Sch. for COVID-19 0.27 0.27
LIM (Loan Against Imported Merchandise) 143.32 143.32

SONALI BANK PLC
LTR (Loan Against Trust Receipt) 20830.40 20830.40

Forced Loan 2138.35 2138.35
Loan for L/C under WES 0.01 0.01
Loan against Inland Bills 18.50 18.50
Current Account Barter (Debit Balance) 93.26 93.26
Bridge Finance 129.45 129.45
Small Business Loan Scheme 32.35 32.35
Lease Finance 2.62 2.62
Consumer Loan 16334.75 16334.75
Term Loan to Freedom Fighter 4409.60 4409.60
Loan Against BB Refinance Scheme of Ghorefera 19.16 19.16
Special F.C Term Loan to Bangladesh Biman 4646.52 4646.52
Force Loan A/C PAD 350.87 350.87
SME Finance (Term Loan Service) 8715.48 8715.48
SME Finance (Term Loan to Industries) 233.87 233.87
SME Finance (Working Capital Wind) 5168.51 5168.51
SME Loan Under BB Revolving Re-Finance for COVID-19 768.55 768.55
CMSME Term Loan under BB + Startup Fund 117.91 117.91
SME Loan Under B.B Revolving Re-Finance for COVID-19 (Term) 51.44 51.44
Bills Discounted and Purchased 837.37 2497.76
Special Loan-Advance Rent (Interest Bearing) 10.31 10.31
NGO & MFI Linkage Revolving Loan+Other 0.12 0.12
Forced Loan A/C EDF 350.96 350.96
Rural Housing Finance-Sonali Neer A/C 26.41 26.41
Loan against Food Procurement Bill A/C 638.63 638.63
Long term loan at prevailing rate of Interest (SECI) 5.05 0.00
Bai Muazzal- House Hold Durable Scheme IW 113.92 113.92
Loan against Sonali Bank UK Limited - 260.47
Portfolio Loan to Investors - 266.57
Total 100805.27 102399.45
(Tk. In Crore)
Off-Balance Sheet Exposures Solo Consolidated
Letter of Guarantee 432.38 432.38
Irrevocable Letters of Credit 74558.36 74558.36
Bills for Collection 527.12 527.12
Other Contingent Liabilities 171.73 171.73
Total 75689.69 75689.69

(c) Geographical distribution of exposures, broken down in significant areas by major types of credit exposure.
(Tk. in Crore)
Geographical distribution of exposures (Divisional Office Wise)
Inside Bangladesh
Solo Consolidated
(Divisional Office Wise) 45.07% Dhaka Central
2.17% Dhaka North
1) Dhaka Central 45415.10 47009.28 8.80% Dhaka South
2.85% Barishal
2) Dhaka North 2188.31 2188.31
1.25% Chattagram North
3) Dhaka South 8868.34 8868.34 2.99% Chattagram South
2.26% Comilla
4) Barishal 2866.92 2866.92 3.23% Faridpur
5) Chattogram North 1255.76 1255.76 4.71% Khulna
3.36% Jashore
6) Chattogram South 3008.02 3008.02 2.50% Mymensingh
7) Cumilla 2280.41 2280.41 1.95% Jamalpur
4.58% Rajshahi
8) Faridpur 3251.09 3251.09 5.21% Rangpur
9) Khulna 4741.48 4741.48 1.97% Sylhet
2.39% Bogra
10) Jashore 3389.40 3389.40 1.19% Noakhali
3.50% Dinajpur
11) Mymensingh 2521.86 2521.86
12) Jamalpur 1992.23 1992.23
13) Rajshahi 4613.94 4613.94
14) Rangpur 5246.39 5246.39
15) Sylhet 1987.92 1987.92
16) Bogura 2410.47 2410.47
17) Noakhali 1203.36 1203.36
18) Dinajpur 3522.96 3522.96
Outside Bangladesh
Kolkata &Siliguri 41.31 41.31
Total 100805.27 102399.45
(d) Industry or counterparty type distribution of exposures, broken down by major types of credit exposure.
(Tk. in Crore) Industry or counterparty type distribution of exposures
Industry Name Solo Consolidated

1) Agricultural / Rural 6.81% Agricultural / Rural Credit
6866.86 6866.86
Credit 1.10% Micro Credit
2) Micro Credit 1104.64 1104.64 6.89% Industrial Credit
3) Industrial Credit 6942.06 6942.06 1.34%

Agro based
Industrial Credit
4) Agro-based
1353.54 1353.54 34.90% International Trade
Industrial Credit
14.95% SME Finance
5) International Trade 35184.55 35184.55 General Advance
34.01%
& Others
6) SME Finance 15065.78 15065.78
7) General Advance &
34287.84 35882.02
Others
Total 100805.27 102399.45

SONALI BANK PLC
(e) Residual contractual maturity breakdown of the whole portfolio, broken down by major types of credit
exposure.
(Tk. In Crore)
Maturity Grouping of loans and advances Solo Consolidated
On demand 9333.10 9333.10
Not more than 3 months 9081.53 9081.53
More than 3 months but not more than 1 year 28719.44 28719.44
More than 1 year but not more than 5 years 18472.54 18472.54
More than 5 years 34342.79 34276.58
Total 99949.40 99883.19
(Tk. In Crore)
Bills purchased and discounted Solo Consolidated
Not more than 1 month 155.74 155.74
More than 1 month but not more than 3 months 6.08 6.08
More than 3 months but not more than 6 months 674.54 674.54
More than 6 months 19.51 1679.90
Total 855.87 2516.26
(f) Major counterparty wise amount of impaired loans
(Tk. In Crore)
Loans and advances on the basis of significant concentration including bills
Solo Consolidated
purchased and discounted
Advances to allied concerns of Directors - -
Advances to Managing Directors and other Senior Executives 15.14 15.14
Advances to customer group(amounting more than 10% of banks total
40827.98 40827.98
capital)
Other customers 51453.52 51453.52
Advance to staff 7652.76 7652.76
Total 99949.40 99949.40
Sector wise loans and advances

(Tk. In Crore)
Solo Conso
Sector wise loans and advances Solo Consolidated
Government 995.50 995.50

65.36%
65.81%
Other Public 34478.71 34478.71

33.67%
0.99%
0.97%
34.20%
Private 65331.06 66925.24
Total 100805.27 102399.45 Government Other Public Private

Government Solo Consolidated
Unclassified 758.72 758.72
Classified 236.78 236.78
Sub Total 995.50 995.50
Other public Solo Consolidated
Classified 63.85 63.85
Sub Total 34478.71 34478.71
Private Solo Consolidated
Classified 12912.50 12912.50
Sub Total 65331.06 66925.24
Classification wise loan-advs. and Provision Solo Consolidated
Standard 84503.04 86097.22
SMA 2961.25 2961.25
Sub Total 87464.29 89058.47
Classified Solo Consolidated
Substandard (SS) 333.96 333.96
Doubtful (DF) 197.37 197.37
Bad and Loss (BL) 12809.65 12809.65
Sub Total 13340.98 13340.98
g) Movement of NPA and Provisions

Note: In response to Bank’s request regarding maintenance of provisions for loans & advances for 2023, Bangladesh
Bank vide letter no-DOS(CAMS)1157/41(Dividend)/2024-1840 dated 30 April 2024 has given certain directives for
maintenance of provision against unclassified and classified loans & advances, investments and balance with
Bangladesh Bank as on 31 December 2023. As per the directives, the Bank has calculated the required provision
against unclassified and classified loans & advances and maintained provision amounting taka 10,354.40 crore by
relishing deferral of taka 1,272.26 crore accordingly. In addition Bangladesh Bank has also allowed deferral of Tk
1,234.50 crore of provision against balance with Bangladesh Bank.
(Tk. In Crore)
Solo Consolidated
Gross Non Performing Assets (NPAs) 13340.98 13340.98
Non Performing Assets (NPAs) to Outstanding Loans & advances 13.23% 13.03%
Movement of Non Performing Assets (NPAs) (Loans & advances) Solo Consolidated
Opening balance 12553.67 12553.67
Additions 1951.74 1951.74
Reductions 1164.44 1164.44
Closing balance 13340.97 13340.97
Movement of specific provisions for NPAs (Loans & advances) Solo Consolidated
Opening balance 7238.65 7238.65
Add: Provisions made during the period 1841.11 1841.11
Less: Loan write-off Which fully provided for 45.82 45.82
Add: Recovery loans which was written-off earlier 0.03 0.03
Closing balance 9033.97 9033.97

SONALI BANK PLC
5) Equities: Disclosures for Banking Book Positions

The major portion of the Bank’s holding of equity exposure is mainly with the purpose of capital gain. The quoted
shares are valued both at cost price and market price basis. However, the un-quoted shares are valued at their cost
price.
(a) Both "Solo Basis" & "Consolidated Basis" the Bank has equity exposure in Banking Book consisting of listed
shares of 131 companies and unlisted shares of 13 companies.
Market value of allotted securities has been determined on the basis of the value of securities at the last trading day
of the year. The non-listed investments in securities are shown at cost.
(b) Value disclosed in the balance sheet of investments, as well as the fair value of that equity at cost price and
market price has been disclosed as under:
(Tk. in Crore)
Investment in shares at cost price :
Solo Consolidated
Quoted and Un-quoted shares 2095.30 2375.60
Quoted shares 1009.67 1289.97
Un-quoted shares 1085.63 1085.63
Investment in shares as market price ;
2356.23 2636.53
Quoted and Un-quoted shares
Quoted shares 1270.60 1550.90
Un-quoted shares 1085.63 1085.63
6. Interest rate risk in the banking book (IRRBB)

Interest rate risk in the banking book reflects the shocks to the financial position of the Bank including potential loss
that the Bank may face in the event of adverse change in market interest rate. This has an impact on earning of the
Bank through net interest earning as well as on market value of equity or net worth.
(a) The general qualitative disclosure requirement including the nature of IRRBB and key assumptions, including
assumptions regarding loan prepayments and behavior of non-maturity deposits and frequency of IRRBB
measurement.
Interest rate risk is the potential impact on the Bank’s earnings (Net Interest Income- NII) and net asset values due to
changes in market interest rates. Interest rate risk arises when the Bank’s principal and interest cash flows (including
final maturities), for both On and Off-balance sheet exposures, have mismatched re-pricing dates. The amount at
risk is a function of the magnitude and direction of interest rate changes and the size and maturity structure of the
mismatch position. The portfolio of assets and liabilities in the banking book sensitive to interest rate changes is the
element of interest rate risk.
To manage this risk in the banking book, bank considers the impact of interest rate changes on both assets and
liabilities, and its particular features including, among other things, terms and timing. Changes in interest rates affect
both the current earnings (earning perspective) as well as the net worth of the Bank (economic value perspective).
SBPLC periodically computes the interest rate risk on the banking book that arises due to re-pricing mismatches
in interest rate sensitive assets and liabilities. For computation of the interest rate mismatches the guidelines of
Bangladesh Bank are followed. Details relating to re-pricing mismatches and the interest rate risk thereon are placed
to the ALCO regularly.
(b) The general qualitative disclosure requirement including the nature of IRRBB and key assumptions, including
assumptions regarding loan prepayments and behavior of non-maturity deposits and frequency of IRRBB
measurement.

(Rate Sensitive Assets & Rate Sensitive Liabilities)
as on 31 December 2023 (Taka in Crore)
8 days- More
2-7 1-3 3-6 6-12 1-5
Particulars TOTAL Call 1 than 5
days Month Months Months Years
Month years
Term Deposits with
Bank & NBFI 2,994.42 20.00 0.00 102.90 674.00 329.40 307.04 1,546.56 14.52
Money at Call & Short
Notice 1,521.71 1,453.73 0.00 0.00 0.00 0.00 67.98 0.00 0.00
Investment in Govt.-
Securities 57,089.12 749.77 0.00 608.87 3,854.93 3,996.15 8,226.61 24,793.33 14,859.46
Other Investments 6,372.08 0.00 0.00 0.00 45.00 48.75 1,779.03 3,243.70 1,255.60
Loans and Advances* 99,747.77 343.76 2,841.98 9,539.46 22,827.19 12,027.19 10,535.36 25,678.01 15,954.82
Bills Purchased &
discounted 898.73 0.00 49.05 264.77 584.91 0.00 0.00 0.00 0.00
Reverse REPO 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total RSA 168,623.83 2,567.26 2,891.03 10,516.00 27,986.03 16,401.49 20,916.02 55,261.60 32,084.40
Borrowings: From
Bangladesh Bank (9,891.40) 0.00 0.00 0.00 0.00 0.00 0.00 (9,853.05) (38.35)
Money at Call & Short
Notice 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Deposits** (124,550.53) (5,045.86) (1,857.62) (3,693.96) (29,131.06) (31,031.24) (21,849.54) (27,656.47) (4,284.78)
REPO 13,662.00 13,662.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total RSL (120,779.93) 8,616.14 (1,857.62) (3,693.96) (29,131.06) (31,031.24) (21,849.54) (37,509.52) (4,323.13)
NET MISMATCH 47,843.90 11183.40 1033.41 6822.04 (1145.03) (14629.75) (933.52) 17752.08 27761.27
CUMULATIVE NET
MISMATCH 11183.40 12216.81 19038.85 17893.82 3264.07 2330.55 20082.63 47,843.90
* Excluding provision for Non Performing Loans of Tk. 8,358.57 crore and Interest Suspense of Tk. 6,191.42 crore.
** Excluding non interest bearing demand deposits of Tk. 24,205.91 crore.
7. Market risk
Market risk arises due to changes in the market variables such as interest rates, foreign currency exchange
rates, equity prices and commodity prices. The financial instruments that are held with trading intent or to hedge
against various risks, are purchased to make profit from spreads between the bid and ask price are subject to market
risk. SBPLC is exposed to market risk mostly stemming from Government Treasury Bills and Bonds, Shares
of listed Public Limited Companies, foreign currency etc.
The Board approves all policies related to market risk, set limits and reviews
compliance on a regular basis. The objective is to provide cost effective funding
to finance assets growth and trade related transactions. The market risk covers the
followings risks of the Bank’s balance sheet:
(a) Views of Board of
Directors (BOD) on trading / i) Interest rate risk;
investment activities
ii) Equity price risk;
iii) Foreign exchange risk; and
iv) Commodity price risk.

SONALI BANK PLC
As per relevant Bangladesh Bank guidelines, Standardized Approach has been used
to measure the Market Risk for capital requirement for trading book of the Bank.
The total capital requirement in respect of market risk is the aggregate capital
requirement calculated for each of the risk sub-categories. For each risk category
minimum capital requirement is measured in terms of two separately calculated
capital charges for “specific risk” and “general market risk” as under:
Methods used to measure
Component of Capital charged For Market risk
market risk
Market risk General Market risk Specific Market risk
Interest Rate Risk Applied -
Equity Price Risk Applied Applied
Foreign Exchange Risk Applied -
Commodities Price Risk N/A
The Treasury Division of the Bank manages market risk covering liquidity, interest
rate and foreign exchange risks with oversight from Assets- Liability Management
Committee (ALCO) comprising senior executives of the Bank. ALCO is chaired by
Market risk management
the Managing Director. ALCO meets at least once in a month.
system
The Risk Management Division also reviews the market risk parameters on monthly
basis and recommends on portfolio concentration for containing the RWA.
There are approved limits for credit deposit ratio, liquid assets to total assets ratio,
maturity mismatch, commitments for both on-balance sheet and off-balance sheet
items and borrowing from money market and foreign exchange position. The limits
Policies and processes for
are monitored and enforced on a regular basis to protect against market risks. The
mitigating market risk
exchange rate committee of the bank meets on a daily basis to review the prevailing
market condition, exchange rate, foreign exchange position, and transactions to
mitigate foreign exchange risks.
The capital requirements for market Risk

(Tk. in Crore)
(b)The capital requirements for: Solo Consolidated
32.77%
202.41
26.08%
41.15%
161.09
254.12
Interest rate risk; 161.09 161.09

Equity position risk; 254.12 254.12
Foreign exchange risk; 202.41 202.41
Commodity risk
0%
Nil Nil
0
Interest Equity Foreign Commodity
Total Requirement 617.62 617.62

rate risk position risk exchange risk risk
8. Operational risk
Operational risk is the risk which may arise directly or indirectly due to failure or breakdown of system, people,
and process. This definition includes legal risk, but excludes strategic and reputation risk. The bank manages these
risks through a control based environment in which processes are documented, authorization is independent, and
transactions are reconciled and monitored.
The policy for operational risks including internal control and compliance risk is approved by
the Board in line with the relevant guidelines of Bangladesh Bank. Audit Committee of the
Board directly oversees the activities of Internal Control and Compliance Division (IC&CD) to
protect against all operational risks.

As a part of continued surveillance, the Senior Management Team (SMT) which was
(a) Views of Board
previously named as Management Committee (MANCOM), Risk Management Committee
of Directors
(at the management level), and independent Risk Management Division regularly reviews
(BOD) on system
different aspects of operational risk. The analytical assessment was reported to the Board/
to reduce
Risk Management Committee/Audit Committee of the Bank for review and formulating
Operational Risk
appropriate policies, tools & techniques for mitigation of operational risk.
(b) Performance SBPLC has a policy to provide competitive package and best working environment to attract
gap of executives and retain the most talented people available in the industry. SBPLC’s strong brand image plays
and staffs an important role in employee motivation. As a result, there is no significant performance gap.
Like other peers, SBPLC operates its business with few external risk factors relating to the
socio-economic condition, political atmosphere, regulatory policy changes, natural disaster
(c) Potential etc. based on the overall perspective of the country. Potential external events and related
external events downside risk, namely, political impasse, damage of Bank’s delivery channel including ATM,
fear of theft/ robbery in banks vaults, compliance/adjustment due to changes of regulatory
policy stance, laws & regulations etc. are managed to keep within tolerable limit.
The policy for operational risks including internal control and compliance risk is approved by
the Board taking into account relevant guidelines of Bangladesh Bank. A policy guideline on
Risk Based Internal Audit (RBIA) System is in operation. As per RBIA, branches with high risk
status and subjected to more frequent audit by Internal Control and Compliance Division
(IC&CD). IC&CD directly reports to Audit Committee of the Board.
Currently, SBPLC are using some models or tools for mitigating operational risk such as
Self Assessment of Anti-fraud Internal Control; Quarterly Operational Report (QOR) and
(d) Policies
Departmental Control Function Check List (DCFCL) in line with the Bangladesh Bank’s relevant
and processes
Instructions and recommendations. It is required to submit the statement on Self Assessment
for mitigating
of Antifraud Internal Control to Bangladesh Bank on quarterly rest.
operational risk
In addition, there is a Vigilance Cell established in 2009 to reinforce the operational risk
management of the Bank. Bank’s Anti- Money laundering activities are headed by CAMLCO
and their activities are devoted to protect against all money laundering and terrorist finance
related activities. The newly established Central Customer Service & Complaint Management
Cell was also engaged in mitigating the operation risks of the Bank. Apart from that, there is
adequate check and balance at every stage of operation, authorities are properly segregated
and there is at least dual control on every transaction to protect against operational risk.
The Bank follows the Basic Indicator Approach (BIA) in terms of BRPD Circular No. 18 dated
21 December2014 [Guidelines on ‘risk Based capital Adequacy for Banks’ (revised regulatory
capital framework in line with Basel III)]. The BIA stipulates the capital charge for operational
risk is a fixed percentage, denoted by α (alpha) of average positive annual gross income of
the Bank over the past three years. It also states that if the annual gross income for any year is
negative or zero, that should be excluded from both the numerator and denominator when
calculating the average gross income. The capital charge for operational risk is enumerated
by applying the following formula:
K = [(GI 1 + GI2 + GI3) α]/n
Where:
(e) Approach K = the capital charge under the Basic Indicator Approach
for calculating GI = only positive annual gross income over the previous three years (i.e., negative or
capital charge for zero gross income if any shall be excluded)
operational risk α= 15 percent
n = number of the previous three years for which gross income is positive.
Besides, Gross Income (GI) is calculated as “net Interest Income” plus “net non -Interest
Income”. The GI is also the net result of:
i. Gross of any provisions;
ii. Gross of operating expenses, including fees paid to outsourcing service providers;
iii. Excluding realized profits/losses from the sale of securities held to maturity in the
banking book;
iv. Excluding extraordinary or irregular items;
v. Excluding income derived from insurance.

SONALI BANK PLC
The capital requirements for Operational Risk Capital Requirements for Operational Risk
Solo Consolidated
Year Gross 15% of Gross 15% of

Average Average
Income Average Income Average
903.24
GI* GI*
(GI) GI (GI) GI
880.35
2023 7406.49 7,620.08
2022 5520.73 5869.01 880.35 5,644.33 6021.58 903.24
Solo Consolidated
2021 4679.81 4,800.33
9. Liquidity Ratio
In line with the provisions of liquidity risk management under Basel III, Bangladesh Bank on the basis of the relevant
guideline of Bank for International Settlements (BIS) has identified the (i) Liquidity Coverage Ratio (LCR); (ii) Net
Stable Funding Ratio (NSFR); and (iii) Leverage under the purview of ‘Liquidity’ ratio vide BRPD Circular No. 18 dated
21 December 2014 and DOS Circular No. 1 dated 1 January 2015.
The Board of Directors reviews the liquidity risk of the Bank on quarterly rest while reviewing
the Quarterly Financial Statements, Stress Testing Report etc. Besides, the Chairman of
the Board also reviews the liquidity position while reviewing the management information
system (MIS) report on monthly basis. Upon reviewing the overall liquidity position along
(a) Views of Board
with the outlook of SBPLC funding need, investment opportunity, market/industry trend,
of Directors (BOD)
the Board takes its strategic decision regarding deposits, funding, investments, loans as
on system to reduce
well as interest rates polices etc.
Liquidity Risk
The Board of SBPLC always strives to maintain adequate liquidity to meet up Bank’s overall
funding need for the huge retail depositors, borrowers’ requirements as well as maintain
regulatory requirements comfortably.
In order to measure liquidity risk various methods are being used which are as follows:
• GAP analysis is being done regularly that deals with the mismatch of assets and
liabilities in different time buckets like 0-30 days, 31-90 days, 91-180 days, 181-
270 days, 271-365 days and beyond 1 year. In monthly ALCO paper, SBPLC show
(b) Methods used to
this GAP analysis based on which different strategic decisions are taken in order
measure Liquidity
to reduce liquidity risk that may arise due to the mismatch between assets and
Risk
liabilities.
• Cash flow forecasting is another technique to measure liquidity risk that may arise
due to future cash flow mismatch. In our monthly ALCO paper we show this cash
flow forecasting
In SBPLC, at the management level, the liquidity risk is primarily managed by the Treasury
Division (Front Office) under oversight of ALCO which is headed by the Managing Director
(c) Liquidity risk along with other senior management. Apart from the above, Risk Management Division
management system also monitors & measures the liquidity risk in line with the Basel III liquidity measurement
tools, namely, LCR, NSFR, Leverage Ratio. RMD addresses the key issues and strategies to
maintain the Basel III liquidity ratios to the respective division (s) on regular interval.
The Asset-Liability (ALCO) policy leads the process & procedures for mitigation of liquidity
risk of SBPLC.
(d) Policies and
processes for ALCO works under specific Terms of References (functions) approved by the Board.
mitigating Liquidity
Risk Treasury Division (Front Office) and ALM desk under regular supervision of Top Management
reviews the overall liquidity position of SBPLC and takes appropriate strategy, process in
line with the industry position for managing liquidity risk of the Bank.

Amount in Taka
Liquidity Coverage Ratio 331.90%
Net Stable Funding Ratio (NSRF) 101.27%
Liquidity Ratio (Solo)
Stock of High quality liquid assets 6,51,86,27,13,000
Total net cash outflows over the next 30 calendar days 1,96,40,18,20,873
Available amount of stable funding 13,79,64,17,24,000
Required amount of stable funding 13,62,35,62,71,000
10. Leverage Ratio

Leverage is an inherent and essential part of modern banking business. In other words, banks are highly leveraged
organizations which facilitate leverage for others. Leverage, in simple terms, is the extent to which a bank funds its
assets with borrowings rather than capital. More debt relative to capital means a higher level of leverage.
The Board of Directors of SBPLC primarily views on the growth of On and Off balance
sheet exposures commensurate with its expected capital growth so that the excessive
(a) Views of BOD on leverage is reduced. Within the On-balance components, again, the Board emphasizes
system to reduce on the growth of the rime component i.e. the loans and advances and maintaining good
excessive leverage asset quality so as to maximize the revenue as well as the capacity to generate capital
internally (in the form of retained earnings) to trade-off the excessive leverage supposed to
be caused by asset growth.
First and foremost, Bank’s policy is to maintain the Leverage Ratio (Tier 1 capital as
proportion to total adjusted On and Off balance sheet asset) well above the regulatory
requirement. To this end, the striking components of balance sheet, namely, the deposits
& borrowing, loans & advances, other liquid assets (treasury bills, bonds, fund placements)
(b) Policies and are analyzed on monthly basis.
processes for
Measures are taken to contain the growth of overall size of balance sheet (On and Off
managing excessive
balance sheet exposures aggregately) considering short term outlook of the industry
On and Off Balance
indicators as well as possible growth of equity (Tier 1 capital) of the Bank on quarterly rest.
Sheet leverage
With regard to managing the excessive leverage, the regulatory stance through the
monetary policy initiatives i.e. the scope of expected business potential (growth), estimated
money supply, inflation, resulting the estimated overall liquidity of the industry as well as the
Bank in particular is also considered.
The exposures of balance sheet representing the overall position of the Bank as of the
reporting date are calculated and presented in terms of applicable relevant accounting
standards, i.e., IASs (BASs), IFRSs (BFRSs), etc.
(c) Approach for
The accounting values of assets and liabilities are also presented and measured at gross.
calculating exposure/
Netting of assets and liabilities are also made where permitted in compliance with the
Leverage
respective accounting standards and the regulatory instruction.
For calculating “leverage”, SBPLC follows the ‘Leverage Ratio’ approach/method as

suggested by Bangladesh Bank.

SONALI BANK PLC
Amount in Taka
Solo Consolidated
Tier-1 Capital 62,01,04,00,000 68,39,43,00,000
On balance sheet exposure 18,90,81,68,03,199 19,01,33,93,65,056
Leverage Ratio of
Off balance sheet exposure 1,66,31,24,00,000 1,66,31,24,00,000
SBPLC
Regulatory Adjustment made to Tier1
85,22,00,000 88,81,00,000
Capital
Total exposure 20,56,27,70,03,199 20,66,76,36,65,056
Leverage Ratio 3.02% 3.31%
11. Remuneration
a) Information relating to the bodies that oversee remuneration.
(i) Name of the bodies At the management level, primarily the Human Resources Division oversees the
that overseeing ‘remuneration’ in line with its HR management strategy/policy under direct supervision
remuneration and guidance of Senior Management Team (SMT) of the Bank.
The SMT is headed and chaired by the CEO of the Bank; along with other members of
(ii) Composition of the
top executive management (Deputy Managing Directors) and the Heads of different
main body overseeing
functional divisions of Head Office. Head of Human Resources Division acts as the
remuneration
Member Secretary of the SMT of SBPLC.
The mandate of the Senior Management Team (SMT) as the main body for overseeing
(iii) Mandate of the the Bank’s remuneration is to review the position of remuneration and associated
main body overseeing matters and recommend to the Board of Directors for approval of its restructuring,
remuneration rearrangement and modification commensurate with the industry best practices as
per requirement.
(iv) External consultants
whose advice has
The Bank has no External Consultant permanently regarding ‘remuneration’ and
been sought, the body
its process. However, experts’ opinion may have been sought in case to case basis
by which they were
regarding income tax matter, lawyers’ opinion for settlement of employees’ dues in
commissioned, and
case of death, penalty etc. if required, by the management.
in what areas of the
remuneration process.
(v) A description of
the scope of the bank’s The Bank does not differentiate the ‘Pay Structure’ and ‘employee benefits’ by regions.
remuneration policy (e.g. However, variation in remuneration is in practice based on nature of job/business line/
by regions, business lines), activity primarily bifurcated for the employees who are directly recruited by the Bank
including the extent to and the headcounts/employees explored through outsourcing service providers as
which it is applicable to per rule. As of 31 December 2023, the Bank had three foreign & one local subsidiary
foreign subsidiaries and and two branches outside Bangladesh.
branches.
(vi) A description of
the types of employees
We consider the members of the senior management, branch managers and the
considered as material
employees engaged in different functional divisions at Head Office (except the
risk takers and as senior
employees involved in internal control, risk management and compliance) as the
managers, including the
material risk takers of SBPLC.
number of employees in
each group.

b) Information relating to the design and structure of remuneration processes.
Remuneration and other associated matters are guided by the Bank’s Service Rule as
(i) An overview of the key
well as instruction, guidance from the Board from time to time in line with the industry
features and objectives of
practice with the objectives of retention/hiring of experienced, talented workforce
remuneration policy.
focusing on sustainable growth of the Bank.
(ii) Whether the
remuneration committee
reviewed the bank’s
Human Resources Division under guidance of SMT, the Board and senior management
remuneration policy
reviews the issues of remuneration & its associated matters from time to time.
during the past year, and
if so, an overview of any
changes that was made.
(iii) A discussion
The risk and compliance employees are carrying out the activities independently as
of how the bank
per specific terms of references, job allocated to them. Regarding remuneration of
ensures that risk and
the risk and compliance employees, Human Resources Division does not make any
compliance employees
difference with other mainstream/ regular employees and sets the remuneration as
are remunerated
per the prevailing rule of the Bank primarily governed by the employees’ service rule
independently of the
of the Bank.
businesses they oversee.
c) Description of the ways in which current and future risks are taken into account in the remuneration processes.
(i) An overview of the

key risks that the bank The business risk including credit/default risk, compliance & reputational risk are mostly
takes into account considered when implementing the remuneration measures for each employee/
when implementing group of employee. Financial and liquidity risk are also considered.
remuneration measures.
Different set of measures are in practice based on the nature & type of business
(ii) An overview of the lines/segments etc. These measures are primarily focused on the business target/
nature and type of the key goals set for each area of operation, branch vis-à-vis the actual results achieved as
measures used to take of the reporting date. The most vital tools & indicators used for measuring the risks
account of these risks, are the asset quality (NPL ratio), Net Interest Margin (NIM), provision coverage ratio,
including risks difficult to credit-deposit ratio, cost-income ratio, growth of net profit, as well the non-financial
measure. indicators, namely, the compliance status with the regulatory norms, instructions has
been brought to all concerned of the Bank from time to time.
(iii) A discussion of While evaluating the performance of each employee annually, all the financial and
the ways in which non-financial indicators as per pre-determined set criteria are considered; and
these measures affect accordingly the result of the performance varies from one to another and thus affect
remuneration. the remuneration as well.
(iv) A discussion of how the

nature and type of these
No material change has been made during the year 2023 that could the affect the
measures has changed
remuneration.
over the past year and
reasons for the change,
as well as the impact of
changes on remuneration.
d) Description of the ways in which the bank seeks to link performance during a performance measurement
period with levels of remuneration.
The Board sets the Key Performance Indicators (KPIs) while approving the business target/
budget for each year for the Bank and business lines/segments. The management sets the
(i) An overview of main
appropriate tools, techniques and strategic planning (with due concurrence/approval of
performance metrics for
the Board) towards achieving those targets. The most common KPIs are the achievement
bank, top-level business
of loan, deposit and profit target with the threshold of NPL ratio, cost-income ratio, cost
lines and individuals.
of fund, yield on loans, provision coverage ratio, capital to risk weighted asset ratio (CRAR),
ROE, ROA, liquidity position (maintenance of CRR and SLR) etc.

SONALI BANK PLC
(ii) A discussion of how

amounts of individual The remuneration of each employee is paid based on her/his individual performance
remuneration are linked evaluated as per set criteria. And, accordingly, the aggregate amount of remuneration
to bank-wide and of the Bank as a whole is linked/ impacted to the same extent.
individual performance.
(iii) A discussion of the
measures the bank will
in general implement
to adjust remuneration
in the event that The Bank follows remuneration process as per set criteria with no in general adjustment
performance metrics in the event of weak performance metrics/scorecard.
are weak. This should
include the bank’s criteria
for determining “weak”
performance metrics.
e) Description of the ways in which the bank seek to adjust remuneration to take account of longer-term
performance.
(i) A discussion
of the bank’s policy on
deferral and vesting of
variable remuneration
and, if the fraction of The Bank pays variable remuneration i.e. annual increment based on the yearly
variable remuneration performance rating on cash basis with the monthly pay. While the value of longer
that is deferred differs term variable part of remuneration i.e. the amount of provident fund, gratuity fund
across employees or are made provision on aggregate/individual employee basis; actual payment is made
groups of employees, a upon retirement, resignation etc. as the case may be, as per rule.
description of the factors
that determine the
fraction and their relative
importance.
(ii) A discussion of the
bank’s policy and criteria
for adjusting deferred
remuneration before
Not Applicable.
vesting and (if permitted
by national law) after
vesting through claw back
arrangements.
f) Description of the different forms of variable remuneration that the bank utilizes and the rationale for using
these different forms.
(i) An overview of
the forms of variable
remuneration offered
(i.e. cash, shares and The Bank pays variable remuneration on cash basis (i.e. direct credit to the employee
share-linked instruments Bank account and/or Payment Order/Cheque), as the case may be, as per rule/
and other forms. A practice.
description of the
elements corresponding
to other forms of variable
remuneration (if any)
should be provided.

(ii) A discussion of the
use of the different
forms of variable
remuneration and, if the The following variable remuneration has been offered by SBPLC to its employees:
mix of different forms of
variable remuneration Annual Increment
differs across employees
or groups of employees), Bank provides annual increments based on performance to the employees with the
a description the factors view of medium to long term strategy and adherence to Sonali Bank values.
that determine the
mix and their relative
importance.
g) Number of meetings held by the main body overseeing remuneration during the financial year and
remuneration paid to its member
11 (Eleven) meetings of the Senior Management Team (SMT) held in the year 2023. All the members of SMT are
from the core banking area/operation of the Bank. No remuneration was paid to the members of the Management
Committee for attending the meeting.
h)
i) Number of employees
Particulars Numbers
having received a variable
Number of employees having received a variable
remuneration award NIL
remuneration award during the year 2023
during the financial year.
The following Number of Employees received a variable remuneration during the year
2023:
ii) Number and total

amount of guaranteed Number of Total amount of
bonuses awarded during employees guaranteed
the financial year. Particulars
(In Unit) bonuses (In Million Taka)
Guaranteed bonuses awarded
NIL NIL
during the year 2023
iii) Number and total
amount of sign-on
There was no severance payment during the year.
awards made during the
financial year.
i)
i) Total amount of
outstanding deferred
remuneration, split into
Not Applicable.
cash, shares and share-
linked instruments and
other forms.
ii) Total amount of
deferred remuneration
No deferred remuneration paid in the year 2023.
paid out in the financial
year.

SONALI BANK PLC
j) Breakdown of amount of remuneration awards for the financial year to show:

i) Fixed and variable Fixed and variable remuneration paid in 2023 are as follows:
remuneration
Particulars Amount (Tk. in million)
Solo Consolidated
Fixed pay (Including Bonus) 2440.99 2481.54
Variable pay N/A N/A
Total fixed and variable pay 2440.99 2440.99
(ii) Deferred and non- Deferred and non-deferred (paid during the year)
deferred
iii) Different forms used

(cash, shares and share Remuneration is paid on cash basis (i.e. direct credit to the employee Bank account
linked instruments, other and/or Payment Order/ Cheque), as the case may be, as per rule/practice.
forms).
k) Quantitative information about employees’ exposure to implicit (e.g. fluctuations in the value of shares or
performance units) and explicit adjustments (e.g. claw backs or similar reversals or downward revaluations of
awards) of deferred remuneration and retained remuneration:
i) Total amount of
outstanding deferred
remuneration and
retained remuneration Not Applicable.
exposed to ex post
explicit and/or implicit
adjustments.
ii) Total amount of
reductions during the
Not Applicable.
financial year due to ex
post explicit adjustments.
iii) Total amount of
reductions during the
Not Applicable.
financial year due to ex
post implicit adjustments.

SUSTAINABILITY ANALYSIS AND
INTEGRATED REPORTING

SONALI BANK PLC
REPORT ON SUSTAINABLE BANKING
Sonali Bank PLC views sustainability as more than

just a separate initiative or department within
the bank; it’s ingrained deeply within its overall
business strategy. This means that considerations
for social and environmental impact are not treated
as secondary concerns but are given significant
importance from the top levels of decision-
making. Sonali Bank doesn’t view sustainability as
a standalone effort but integrates it into its core
business processes. This includes how the bank
interacts with its stakeholders, be it customers,
employees, investors, or the communities it serves.
By considering social and environmental responsibility Mission of Sonali Bank PLC

in these interactions, the bank aims to create value not
only for itself but also for society at large. Sustainability Mission of Sonali Bank PLC in achieving a sustainable
isn’t peripheral; it’s central to how the bank operates. This economy incorporates the strategy and policy of the
implies that every decision, whether it’s about investments, government which includes:
operations, or partnerships, is weighed against its impact
on sustainability. This ensures that sustainability is not • Poverty alleviation through contributing in socio-
sacrificed for short-term gains but is seen as essential for economic development of the country.
long-term success. By incorporating sustainability into its
business strategy, Sonali Bank can actively support projects, • Achieve food security by promoting sustainable
technologies, and enterprises that align with environmental agriculture and by enhancing facilities in transactions
and social goals. This could involve financing renewable of the farmers.
energy projects, investing in eco-friendly technologies, or • Support quality education and facilitate the school
supporting businesses with sustainable practices. going students.
Sonali Bank PLC is mindful of the environmental and

• Create awareness of its employees and the valued
clients for pollution free Bangladesh.
social impacts of its products and services. This means
that when designing financial products, the bank takes • Sustainable and gradual positive financial growth
into account how they might affect the environment through financing established and promising
or society positively. Additionally, mission policies and sectors.
strategies are formulated with sustainability in mind,
• Uphold customer care and responsible financial
ensuring that the bank’s overarching goals are aligned
services.
with broader societal and environmental objectives.
• Build balanced and green Bangladesh by protecting
SBPLC is mindful of the environmental and social forests and by combating desertification.
impacts of its products and services. This means that • Promote peaceful and inclusive societies for
when designing financial products, the bank takes sustainable development.
into account how they might affect the environment
or society positively. Additionally, mission policies and • Corporate infrastructure and culture in the
strategies are formulated with sustainability in mind, institution.
ensuring that the bank’s overarching goals are aligned
with broader societal and environmental objectives. Sustainable Finance Unit of Sonali Bank PLC
Overall, this statement underscores Sonali Bank Sonali Bank recognizes the importance of dedicated
PLC’s commitment to sustainability not as a separate resources and expertise for implementing sustainability
agenda but as a fundamental aspect of its identity and initiatives effectively. By establishing a separate
operations. By integrating sustainability into its core sustainable finance unit, the bank demonstrates
business, Sonali Bank PLC aims to create value not its commitment to integrating environmental
only for its shareholders but also for the planet and the considerations into its financial activities. The bank is not
communities it serves. relying on a single approach but is implementing a range

of measures to promote environmental sustainability. Incorporation of Environmental & Social Risk
These measures include green financing, which involves Management
providing financial support to projects and initiatives
that have positive environmental impacts. Additionally, Sonali Bank conducts a preliminary assessment of
the bank is focusing on raising awareness among its the environmental risks associated with any project
stakeholders, including customers and employees, using Environmental and Social Due Diligence (ESDD)
about the importance of environmental conservation. processes. This involves evaluating the potential
Moreover, Sonali Bank is actively promoting resource environmental and social impacts of the project at hand.
conservation by encouraging reduced consumption Based on the findings of the ESDD, the bank assigns
of water, electricity, and paper, which are significant an environmental risk rating to the project, which
contributors to environmental degradation. can be classified as low, moderate, or high risk. This
classification helps SBL determine the level of scrutiny
In line with its commitment to environmental and measures needed to manage environmental risks
responsibility, Sonali Bank is directing it’s financing associated with the project.
towards commercial projects that support ecological
balance. This could involve funding initiatives related In accordance with guidelines provided by the
to renewable energy, sustainable agriculture, waste Department of Environment, Bangladesh, SBPLC
management, or other activities that contribute to determines the environmental classification of its
environmental conservation and biodiversity. loans and advances. This classification likely involves
categorizing loans based on the environmental impact
The bank is taking practical steps to reduce its of the projects or activities they finance. Projects or
environmental footprint by designing new branches activities with potentially significant environmental
with environmental considerations in mind. Potential impacts may be subject to stricter environmental
branches of bank have established Sustainable Finance requirements and monitoring.
Dedicated Help Desk. These help desks are trying to
dessimite sustainable finance initiatives to the customers. Overall, these practices demonstrate SBPLC’s
By situating branches in locations that receive ample commitment to integrating environmental
sunlight and fresh air, the bank aims to minimize its considerations into its lending and investment decisions.
reliance on artificial lighting and air conditioning during By conducting thorough environmental risk assessments
office hours. This not only reduces energy consumption and adhering to regulatory guidelines, the bank aims to
but also creates a more pleasant and sustainable working mitigate environmental risks associated with its financing
environment for employees. activities and promote sustainable development.
Table 1: Sustainable Finance Position of Sonali Bank PLC (Green Finance)

(Amount in Million)
Amount of Amount of Amount of Outstanding as on

Green Finance Sectors
Disbursement 2021 Disbursement 2022 Disbursement 2023 December 2023
Renewable Energy 11.20 1.89 4.77 71.76
Energy & Resource Efficiency 0.1 0 0 0.08
Liquid Waste Management 0 0.13 0 7298.24
Solid Waste Management 0 1 0 1.07
Environment Friendly Brick Production 37.74 0 0 22.4
Recycling and Manufacturing of Recyclable Goods 1.36 0 0 1058.61
Green/Environment Friendly Establishments 0.13 0.13 0 0.29
Green Agriculture 5.62 3.32 0.20 4.36
Green CMSME 5.67 1.66 0 3.02
Grand Total 161.82 8.13 4.97 8459.83

SONALI BANK PLC
Table 2: Sustainable Finance Position of Sonali Bank PLC (Sustainable Linked Finance)
(Amount in Million)
Amount of Amount of Amount of Outstanding as

Sustainable Linked Finance Sectors Disbursement Disbursement Disbursement on December
2021 2022 2023 2023
Agriculture 7278.81 10028.66 13680.26 80814.42
CMSME 210.6 609.15 338.3 5808.16
Socially Responsible Financing (SRF)
(Financing in MFI/NGO Linkage Mode for capacity
building, Employment generation & self employment 379.87 5731.06 1659.32 3834.62
Working Capital & Demand loan of Green Products 34.78 0 0 0
Priority Green Products for Trading Sector 0.32 0 0 0
Grand Total 7904.38 16368.87 15677.88 90457.2
In-house Green Management customers to consider the full implications of their

choices. Sonali Bank PLC is integrating environmental
Sonali Bank PLC recognized the importance of providing risk assessment into its loan approval process. This
guidance to its employees and branches on adopting means that before granting loans, the bank evaluates
environmentally friendly practices. To facilitate this, the the potential environmental impacts of the projects
bank issued a "Green Office Guide" as part of Circular being funded or to be funded. By doing so, the bank
Letter-411 (Risk Management Department Circular aims to ensure that the projects it finances are safe and
Letter-03) dated September 23, 2012. This guide likely pose minimal risk to the environment. This proactive
contains detailed instructions and recommendations approach aligns with best practices in environmental risk
on how to minimize wastage and optimize the use of management and demonstrates the bank's commitment
resources within office premises. to sustainable development.
The circular instructed every office and branch to By combining transparency in marketing with
conduct an inventory assessment of water, paper, environmental considerations in loan approvals, Sonali
electricity, and fuel usage. This involves quantifying Bank PLC not only enhances customer satisfaction but
the current consumption levels of these resources. also contributes to environmental sustainability and
Subsequently, offices and branches were ordered to set responsible lending practices. This approach reflects a
limits on the consumption of each resource, presumably holistic understanding of corporate responsibility and
based on factors such as operational needs, efficiency long-term value creation.
targets, and environmental considerations.
Digital Banking
The directive issued through Circular Letter-411
mandates the implementation of the guidelines Sonali Bank has been progressively adopting digital
outlined in the "Green Office Guide" across all offices banking solutions to enhance its services and improve
and branches of Sonali Bank PLC. This ensures that customer experience. The bank has developed a mobile
environmental management practices are standardized banking application that allows customers to perform
and consistently applied throughout the organization. banking tasks through a smartphone. Sonali Bank likely
offers an online banking platform where customers can
Overall, Sonali Bank PLC's initiative demonstrates a access their accounts, check balances, view transaction
proactive approach to environmental stewardship and history, transfer funds between accounts, pay bills, and
sustainability. By implementing an in-house environmental perform other banking activities conveniently from
management system and providing clear guidelines for their computer or mobile device. Sonali Bank likely
resource usage, the bank aims to minimize waste, reduce maintains an extensive network of ATMs across the
environmental impact, and promote responsible resource country, enabling customers to withdraw cash, deposit
management across its operations. checks and cash, transfer funds, and perform other
basic transactions outside of traditional banking hours.
Green Marketing The bank may offer digital payment solutions such as
online bill payment, person-to-person (P2P) transfers, QR
By transparently presenting the advantages and code payments, and integration with popular payment
disadvantages of its products and services, Sonali gateways to facilitate seamless transactions for both retail
Bank PLC ensures that customers can make informed and business customers. There are more than six hundred
decisions. This not only builds trust with customers but (600) public and private organizations have signed MoU
also promotes responsible consumption by encouraging with Sonali Bank PLC for digital banking service.

Sonali Bank provide digital channels for customer To stay competitive in the rapidly evolving digital banking
support, such as live chat, email support, and a landscape, Sonali Bank may continue to invest in technological
comprehensive FAQ section on its website or mobile innovation, exploring opportunities such as artificial
app, to address customer inquiries and concerns related intelligence (AI), block chain, and biometric authentication to
to digital banking services. further enhance its digital banking offerings.
Table 3: achievement of digital bank of Sonali Bank PLC as on 31st December 2023
Number Number Number of Accounts No of Total No. of No. of ATM No. of ATMs
of Local of Online using Smartphone Accounts Branches Booths Powered by
Branches Branches App-based Banking Powered by Solar Energy
Solar Energy
1230 1230 599301 21418648 47 217 4
Staff Training, Creating Consumer Awareness, And other relevant guidelines. We develop Sector Specific
Green Banking Activities: In line with environmental Environmental Policies for different environmental
law, we are inspiring people to run their business and sensitive sectors such as agriculture, agro business
financial activities using the inventories properly and (poultry and dairy), agro farming, leather (tannery),
involving them to save the environment. Sonali Bank fishery, textile and apparels, renewable energy, pulp
Staff College is gradually organizing training sessions on and paper, sugar and distillery, construction and
green banking. housing, engineering and basic metals, chemicals
(fertilizers, pesticides and pharmaceuticals), rubber and
Publishing and Promoting Projects under taken: We plastic industry, hospital/clinic, chemical trading, brick
are reporting about our green banking activities to manufacturing, ship breaking, jute and jute goods etc.
Bangladesh Bank on quarterly basis in the prescribed We are developing tools for rating the business that
form of the Bangladesh Bank. are being well financed and properly monitored. Our
policy discourages financing red category or other
Developing Sector Specific Environmental Policy: environmentally hazard projects.
Sonali Bank PLC also follows Bangladesh Bank
Environmental Risk Management (ERM) guidelines, Social Impact of Sustainable Banking: With our material
Environmental Conservation Act- 1995 (ECA 1995), issues in mind, we have identified the SDGs that are
Environmental Conservation Rules (ECR 1997) and most relevant to our business and stakeholders.
Sustainable Developments GOAL:
Our Customers We show our customers that we are on their

side through service excellence, supporting
financial wellbeing, good customer outcomes
and advocacy, and digital innovation.
Our Community We are rebuilding trust and our reputation

by engaging proactively and openly with
government and regulators, investing in
communities and education, and rolemodelling
reconciliation.
Our People We motivate our people through leadership and

engagement, by promoting health, wellbeing,
diversity and inclusion, and by providing training
and career development.
Our Shareholder We deliver sustainable financial performance

through strong conduct, culture, governance,
accountability, remuneration and responsible
business practices.

SONALI BANK PLC
Employees and Talent Management: In order to be the best retail and commercial Bank for our customers, we have
to begin with our employees. If they feel proud of belonging to Sonali Bank and are more committed, they will be
able to earn the lasting loyalty of our customers. Sonali Bank PLC endeavors to attract and retain the best talent,
and wants its professionals to be motivated, committed and fairly paid. Sonali Bank employees share the corporate
culture focusing on fulfillment of its purpose, helping people and businesses prosper, and consistently doing things
in a simple, personal and fair way.
No. of Total Courses No. of Total Trainees

Year Sustainable Finance Sustainable Finance
Others Others
Related Related
2023 20 827 1107 70764
2022 28 571 952 52192
2021 3 332 4 48906
2020 5 295 20 7133
2019 8 788 10 12765
Knowledge: Training is one of the key tools for professional development at Sonali Bank. With a staff college
including 05 (Five) training institutes, BIBM, Bangladesh Bank training academy and other training institutes,
Sonali Bank provided training to 71,871 officers through 847 training courses in 2023.
Service Quality: Customer’s delight is at the center of Sonali Bank’s business model. The vast customers of
the bank recognize the brand as a reliable partner. Understanding their needs, providing innovative solutions
and building long-term relationships based on trust and transparency created foundation of Bank’s business
model aiming at generating stable revenue.
Community Investment: Sonali Bank also contributes to economic and social development through
initiatives and programs that support the community. At Sonali Bank, we believe that the most rewarding
investment is investing for the society. We are driven by our purpose to sustain and ensure growth by making
profit for the stakeholders. We believe in creating long-lasting value for our clientele, stakeholders, and
employees and above all for the community we operate in.

REPORT ON HUMAN RESOURCES
Human resource development is regarded as one of
the integral parts in Sonali Bank PLC. It is important
to utilize human capital more efficiently to achieve
institutional goals as it is easy to make proper
distribution of other assets of the institution through
skilled and capable manpower. We have a pool of
talented and skilled workforce. We also focus on
their career development by nominating them for
different training, seminar and workshop both home
and abroad.
In the year of 2023, the Human Resource Development in leadership development by sustainable resourcing of
Division (HRDD) made a significant progress towards significant roles. The HRDD of Sonali Bank PLC performs
assembling resilient organization by focusing on strategic the following key roles:
personnel planning, flair attraction and management and
Facilitate the Identifies and Ensure employees Ensure better Raise awareness of
process of recruiting meets the training welfare and positive working current workplace
appropriate requirements of attitude amongst environment for the legislation.
candidates for the existing staffs. them. employees.
organization.
The Board of Directors and the management team of and merit based promotion, right man in right place
Sonali Bank PLC always emphasize on appointing talents, posting policy are among the few initiatives which were
developing human and technical skills of the employees approved and implemented by SBPLC authority in 2023.
so that the organization can get optimum output by A tabular presentation of the designation-wise number
utilizing limited workforce. In viewing, a supernumerary and gender of the staffs are given below:
posts, an innovative area of operation, performance
2023
Designation
Male Female Total
Chief Executive Officer 1 - 1
Deputy Managing Director 3 2 5
General Manager/equivalent 37 2 39
Deputy General Manager/equivalent 149 19 168
Assistant General Manager/equivalent 410 81 491
Senior Principal Officer/equivalent 1305 223 1528
Principal Officer/equivalent 2529 770 3299
Senior Officer/equivalent 5900 1506 7406
Officer/equivalent 3234 558 3792
Junior Officer/equivalent 333 16 349
Assistant Officer Grade-1/equivalent 77 1 78
Supporting Staff Grade-1 69 4 73
Assistant Officer Grade-2/ SS Gr-2 549 45 594
Supporting Sub Staff Grade-1/2/3 370 - 370
Local Based Officer/Staff (Overseas Branches, Sonali Bank UK Limited,
SECI, Sonali Bank Representative Offices) 64 - 64
Total 15030 3227 18257
In percentage 82.30% 17.70% 100.00%

SONALI BANK PLC
Recruitment and Posting
Recruitment is the apparent stair to fill up the vacancies, as every employee consequently retires from
the job after completion of the tenure (59 years) at a normal course. In order to cope with the growing
demand of banking products and services and to operate new branches and divisions of SBPLC,
recruitment is inevitably required. The HRDD of the Bank has been consistently recruiting manpower
at different grades and tire to meet the vacancies as desired. Moreover to ensure the transparency and
accountability, transfer/posting is also a regular phenomenon is done by Human Resource Management
Division of SBPLC, accordingly.
List of recruitment from 2019 to 2023 in different grades are given below:
Officer/
Law Senior
CFO CITO CAO CSO Officer
Year Consultant Officer/ Total
(Contractual) (Contractual) (Contractual) (Contractual) Cash/
(contractual) Equivalent
Equivalent
2023 1 - - 1 - 33 1682 1717
2022 - - - - - 457 24 481
2021 - 1 - 1 - 153 317 472
2020 1 - 1 - 1 425 878 1,306
2019 - - - - - 1,148 2,721 3,869
HRDD has sent requisition to Bankers Selection Committee (BSC), Bangladesh Bank for recruitment of 8493 Senior Officer/
Officer & equivalent posts (Dec-2023 based). In 2023, total 1,717 fresh new talents were added into the workforce of SBPLC.
Impact of employees to the Bank is given below:
Description of Years 2023 2022 2021 2020 2019

Total number of employees 18257 17542 18,200 18918 19609
Total number of branches 1232 1231 1229 1226 1224
Employee per branch (nos) 15 14 15 16 16
Deposit per employee (million Tk.) 82.50 80.97 74.22 66.54 59.09
Investment per employee (million Tk.) 83.75 83.67 75.75 64.27 53.62
Operating profit per employee (million Tk.) 2.11 1.36 1.15 1.14 0.87
Salaries and allowances per employee (million Tk.) 1.20 1.13 0.81 0.76 0.71
Training and Development
The Human Resource Development Division (HRDD) of Sonali Bank PLC took necessary initiatives to
impart fundamental knowledge as well as the latest developments and banking rules and regulations to
the employees so that they could understand the customer’s demands and deliver prompt and efficient
services. To make the above goals successful, SBPLC has one Staff College in Dhaka and six training
institutes across the country. Apart from these institutions, training programs and workshops for the
employees were carried by Bangladesh Institute of Bank Management (BIBM), Bangladesh Bank Training
Academy (BBTA), National Academy for Planning & Development (NAPD) and other organizations
throughout the year 2023. The number of courses and trainees undergone various training programs
during 2019 to 2023 are presented in the following table:
Year Number of courses Number of trainees

2023 847 71871
2022 599 53144
2021 335 48910
2020 266 7152
2019 796 12775
2018 709 11133

In 2023, a total of 19 officials participated various foreign training/workshops/seminars organized by renowned global
organizations. Some of the courses are:
1. Intellect Design Core (IDC) organized by Intellect Battery organized by Centiel SA OEM Switzerland of
Design Arena Limited, Chennai, India. vendor company mytech partners Ltd.
2. 2023 ARAC CFA Society@ Leadership Conference 4. Factory visit with Product Specific Training from
by CFA Institute, Bangkok, Thailand. the manufacturing country (Germany) of the
containment & cooling system for Near Data
3. Visit the manufacturing country for product specific Centre organized by Shark Limited & their OEM
training 200kw online moduler UPS with Lithium Ion STULZ Gmbh, Hamburg, Germany.
To enhance the knowledge and skills of the employees of finance, Economics, Religion and literature and other
the Bank, there is a central library which is located at the contemporary books and journals. Various foreign journals
7th floor of Sonali Bank PLC, Head Office, Motijheel, Dhaka. like the Economist, the Times, the Newsweek, the Reader’s
The library is enriched with 11,380 books on Banking, Digest and other famous local and international journals
Foreign trade, Computer, Management, Accounting, and papers are available at the library. In 2023, total 330
Commercial and industry law, Agriculture and industry books were bought on various topics.
Employee’s perks and privileges

Sonali Bank is very sincere to the welfare of its employees. The Board of Directors of the Bank
approved 4.50 incentive bonuses- each equivalent to Basic Salary as on 31 December, 2022, recreation
leave along with one month basic salary for every three years after of service to all of its permanent
employees. Provident fund facility, gratuity fund, death cum retirement benefits, leave encashment,
two festival bonuses, bangla new year allowance, employee house building loan scheme, motor cycle
loan scheme, car loan scheme for the executives, computer loan scheme, recognition and monetary
award for brilliant results by the children of the employees, children education allowance, honorarium
for passing Banking Professional examination are provided to the employees.
Occupational health, safety and environment
The Board and the management of Sonali Bank sincerely believe in safety, health security at work
place that is a prerequisite for sound state of mind of employees for delivering satisfactory services to
the customers. That is why SBPLC takes necessary actions for ensuring healthy and safe workplace
for the employees. All the branches, regional offices and divisions of head office are well decorated
having sufficient open spaces. A team with logistics supports and services headed by Chief Security
Officer (CSO) is especially assigned to visit regularly monitoring cleanliness, safety measures and others
applicable at every branch. In order to ensure the sound health of the employees, a team of experienced
physician headed by the Chief Medical Officer is working both home and overseas branches for free
medical services as and when required.
Succession Planning
Sonali Bank possesses a sound HR policy covering succession planning to carefully avoid the problems of
leadership vacuum under any circumstances. We have also developed a more robust and efficient approach
to our succession planning, better aligned to global best practices. This enables us to make the most of our
existing talent and strengthen our business continuity. The HRD Division has formulated and implemented
an efficient succession planning for professional employee management. Various trainings and workshops
on managerial and leadership skills are imparted to the employees so that it can be ensured about the
availability of experienced and competent employees who are prepared to assume responsible roles.

SONALI BANK PLC
HUMAN RESOURCE ACCOUNTING

Human Resource Accounting is the process of identifying and reporting investment made in the human resources of an
organization. It is done to furnish the value information for making proper and effective management decisions about
acquiring, allocating, developing and maintaining human resources in order to achieve cost effective organizational
objectives. Soon after the recruitment and the process of making the officers competent by imparting adequate
training, Human Capital Accounting (HCA) is done so that the decisions involving the recruitment, development,
compensation and replacement of human resources on a value for money can be taken accurately. SBPLC regularly
follow-up and looks into some important areas of Human Resource Accounting for mathematical and co-relational
understanding on the main business factors. The total value of Human Capital has been ascertained by present value
of future earning model (Lev and Schwartz) at Tk. 244,635 in the year 2023 and Tk. 226,748 in 2022.
The following table projects the age-group wise value in 2023 and 2022.
Grade Per Capita 2023 2022

Age Group Value No. of employees Total Value No. of employees Total Value
18 yrs-29 yrs 5.71 1825 10420 2255 12741
30 yrs-39 yrs 11.66 8655 100917 8941 103447
40 yrs-49 yrs 15.59 4654 72556 3203 49743
50 yrs-59 yrs 19.45 3123 60742 3143 60817
Total 18257 244635 17542 226748
Reward and Motivation

Sonali Bank PLC has a strong culture of rewarding and motivating the employees such as Best Manager
Award, Letter of Appreciation for outstanding performance, financial reward for classified loan recovery,
fulfilling deposit and profit target etc. The meritorious children of the employees are awarded Chairman’s
Award, MD and CEO’s Award and General Award for bright performance in SSC and HSC examinations.
Emoluments are also given to the bonafide employees for innovative products performance. genuine
Our Priorities for 2024
I. One of the plans in 2024 is to train up the employees on our refreshed Position Statements. The HRD
Division is planning some effective processes by which our employees can easily cope up with the Core
Banking Solutions (CBS) and can bring pace in banking activities. There is a massive plan to introduce
technology and digital education modules for developing prompt and dynamic service. Training modules
related to BASEL-III, employee tax, green banking is to get priority. SBL has also a HR Plan which aims at
expanding its business area and creating more employment opportunities. To distribute the manpower of
SBPLC, the HRD Division has taken initiative to update the organogram which will ensure fair distribution of
manpower throughout its branches and offices.
II. To bring performance measurement and perform ensures that it has a right number and kinds of people at
the right places at the right time capable of effectively and efficiently completing assigned task to achieve its
organizational objectives. SBPLC has also a HR Plan which aims at ensuring optimal employment and justified
distribution of manpower throughout its branches and offices as per organogram. To simplify the prevailing
HR practices adopting the modern technology and best practices SBPLC is set to review the existing policies.
III. To bring performance measurement and performance based incentive related activities of HRM;
IV. Training need analysis and process development;
V. Preparation of training and development roadmap;
VI. Improvement of service benefits;
VII. Improvement of HR policies and procedures;
VIII. Adoption of HR Accounting System.

REPORT ON FINANCIAL INCLUSION
Financial inclusion means providing facilities to access of the un-
banked people and firms to the range of financial services timely
and also adequate credit for low income people at a reasonable
cost. For overall economic growth and sustainable economic
development, financial inclusion plays a vital role in achieving goals of
the government in any developing country. As a developing country,
most of our poor, illiterate people and also people of remote area
lack access to financial activities like savings, credit, insurance etc.
Unbelievable that these people are still remained un-banked at the
age of 21st century which is called the age of information technology.
So, we have a large scope to embrace the wide range of un-banked
people to the mainstream of regular banking operations. According
to the recent development theories, the greater financial inclusion
we have, the better positive impact on the lives of the poor and
disadvantaged segment can be achieved.
An inclusive financial system thus indicates that appropriate financial inclusion is multi dimensional in nature offering
quality financial services in a convenient way, extending access to all segments of the population with equal opportunities
and reducing inequalities in an economy. Being the largest commercial Bank, Sonali Bank Limited is also offering
diversified products to attract the people of different cultures and testes in line with Bangladesh Bank guidelines.
SBPLC’s goal for financial inclusion
A Financial Literacy wing has been formed in the bank on 08 December 2022 to implement the Vision
2041 of Bangladesh government and to achieve SDG’s announced by United Nations by 2030 as well
as to ensure National Financial Inclusion Strategy (2021-2026). To achieve steady and fair economic
growth by a wide range of financial inclusion, following prior policies has been developed.
• Access of all households to a • Include different classes of • Financing higher education and
full range of financial services people through introducing overseas employment to take the
at a reasonable cost and time. new products. country ahead in the near future.
• Extension of banking services • Financing in agriculture, SMEs • Good governance by clear
and products to un-banked and and environment friendly regulation and industry
underprivileged people. activities. performance standards.
• Being responsive and support • “School Banking” is introduced • Financial and institutional
quickly to the government’s to make the habit of savings sustainability to ensure stability
growth strategy and by the students of school from and certainty of return of
Bangladesh Bank’s policy. their early age. investment.
Status of financial inclusion in SBPLC

Sonali Bank PLC is the leading bank by progressing successfully towards the goal of its financial inclusion program.
Some of these are as follows:
Sl. Name of program Number of Accounts Till 2023 Number of Accounts Till 2022
1. Farmer’s Account 1,541,939 1,554,811
2. Social Safety Net 3,154,877 3,345,275
3. Freedom Fighters A/C 324,168 306,434
4. School Banking A/C 247,514 169,439
5. Small Life Insurance Program 18,232 17,856
6. RMG Sector A/C 805 638
7. Others A/C 1,532,044 384,469
Total 6,819,579 5,778,922

SONALI BANK PLC
Farmers account Bangladesh Bank introduced "School Banking"

guidelines. As per BB guidelines, Sonali Bank
As agriculture is the lifeline of our economy,
PLC has come forward with all out effort to
government gives highest priority for the facilities
make this program successful. The account
of the farmers. Sonali Bank PLC has absolute
support towards the development program of holders of this program get better interest
the government. In SBPLC, farmers can open a rate. Till the end of 2023, total School Banking
saving account with an initial deposit of Tk. 10.00 account stood at 247,514.
at higher deposit rate and free of maintenance
charge or service charge. Moreover, a deposit
Others
product named "Sonali Krishak Shanchay Scheme
(SKSS)" of Tk. 50, 100 & 200 at a compound As a part of financial inclusion, SBPLC has
interest rate of 9% has been introduced for facilities to open account for other sections
farmers. As a result, total number of farmers of the people such as (a) Hindu religious
account stood at 1,541,939 in 2023. welfare trusts, destitute people affected by
cyclone Aila, employment program for the very
poor, rehabilitation program under Ministry
Social Safety Net Program of Religion and Cleaners of Dhaka North and
Sonali Bank PLC is the pioneer of implementing South City Corporation, (b) Small Life Insurance
the Social Safety Net Program which targets Program and (c) RMG Sector.
at taking the un-banked people of the society
under the gigantic branch coverage of the
Bank through its diversified products to meet Fair
the needs of the people. Number of accounts To create awareness among people about
under this program was 3,154,877 in 2023 the products and services of financial sector,
which was 3,345,275 in 2022. to introduce banking services at national level
and to make the people banked this bank
participated in various fair in 2023.
Freedom Fighters Account
SBPLC takes pride of being a helpful hand of the
Freedom Fighters of the country as they are the Loans and Advances
hero of our Liberation War, 1971. The Freedom
SBPLC's agricultural credit policies for the
Fighters get special allowances from the
farmers have been relaxed for a sustainable
government through this Bank. Moreover, the
financial inclusion to impose a greater impact
Bank offers loan facilities with a lower interest
over our economy. The Bank successfully
rate. As on December3, the total number of
launched projects like “UNMESH”,”JAGO NARI”
Freedom Fighters account was 324,168.
for the poor farmers and female entrepreneurs.
Besides these, a new product named "BICYCLE
School Banking LOAN" upto Tk. 15,000/- at a simple interest rate
To make the habit of savings by the students of 9% for the students of Class-6 to Class-10
of school and college from their early age, has been launched successfully.
ROLE OF SBPLC IN ENHANCING FINANCIAL INCLUSION
• Being the helping • SBPLC has • Provides credit • For the physically
hand of the extended lending facilities to SME and mentally
Governments to the under- entrepreneurs, disabled people,
inclusive growth served/un-served agricultural the bank has taken
strategy, SBPLC economic sectors. and other rural comprehensive
has taken financial and urban farm programs.
Inclusion as and non-farm
utmost priority productive
for accelerating activities
economic growth. throughout the
country.

RECENT STEPS TAKEN BY SBPLC
SME Women Entrepreneur’s Development Unit has been set up at Head Office and all field level Controlling
Offices of this Bank.
• Necessary guidelines have been issued to stimulating financial inclusion.

Branches/ field level controlling offices for • Farmers account opened with Tk. 10.00 are
disbursement of Cluster based SME Loan. encouraged with higher interest rate and free of
• Introduced Online Banking, Any Branch maintenance charge or service charge.
Banking and SMS Banking to attract every class • Government subsidies are channeled to the
of people. landless and poor people through these
• Successfully launched projects named accounts.
“BICYCLE LOAN”, “Adarsha Gram Karmashuchi”, • Introduced different deposit schemes and credit
“UNMESH”, “JAGO NARI” for the students, poor facilities to include different classes of people.
farmers and female entrepreneurs respectively
with easy terms and conditions. • Financing higher education and overseas
employment.
• Relax the policies for the un-banked poor and
disadvantaged people. • Going to launch project for daily and
construction labours.
• Agricultural credit policies have been relaxed for
The poor and simple people of our country are engaged with their relatives living in the country so that people
mostly with different microfinance institutions or co- at villages can come in contact with the mainstream
operatives. As they are not entertained with banking of banking and thus the reserve of foreign currency
facilities around them, they are not satisfied in their increase satisfactorily. Therefore, to make the growth
transactions with those institutions. The Bank is trying of our economy more inclusive and sustainable,
to cover the major portion of these people under SBPLC’s policies are targeting at creating employment
the umbrella of formal banking practices by taking opportunities and thus accelerating the income of the
different policies of inclusion. A wide ranging plan has people to keep the machine on of our economy.
been undertaken to connect the overseas employees

SONALI BANK PLC
CUSTOMER CARE
Customer service has great

significance in banking industry.
A customer can be defined as a
potential user of bank services.
So, a customer can be defined as:
A person or entity that One on whose behalf the A person or entity One who have different
maintains an account or has account is maintained. connected with a financial motives for coming into
a business relationship with transaction and the bank i.e. to make a
a bank or without having query or others.
an account maintains a
relationship with a bank.
In the course of daily business transactions, a banker comes in contact with quite a number of people who come
to deposit money or to cash cheques or to avail loan facility or for any inquiry. Some of these people maintain
subsisting relationship with the bank, while in some cases it is a one off affairs perhaps never to be repeated again.
Branch network and products food import. SBPLC has 324,168 accounts of the
freedom fighters as a result of given emphasis
Sonali Bank PLC has been engaged in wide on the freedom fighters. The freedom fighters
range of services through its 1230 branches are also getting special loan facility upto Tk.
inside the country to cater the needs to all 1,000,000. The Bank also delivers the services
classes of people. Only SBPLC has branches in of govt. allowances to different levels of the
every upazilla of the country to take banking destitute people.
services to the doorsteps of common people.
The Bank has introduced the highest number of Service standard
products to meet the ever increasing demands
of the people. Customer relationship management is the most
efficient approach in maintaining and creating
Implementation of Inclusive policy relationships with customers. Development of
this type of bonding drives the business to new
SBPLC has the highest number of accounts levels of success. Service standard maintains
under the financial inclusion policy taken by a level of consistency that allows both side
Bangladesh Bank and focuses on the majority standings and their expectations. It is worth
of our population including the farmers, the mentioning that service standards alleviate
freedom fighters and under-privileged people uncertainty from the process and provide
of the society. The Bank gives special attention clients with a set of commitments that can be
to the farmers by giving opportunity to open a referred to while evaluating an organization’s
bank account at the cost of Tk. 10.00 without performance. Organizations, exceeding these
any service charge by which they can avail standards, obtain client satisfaction, public
government assistance in a transparent way. perception and overall service performance.
Now, the number of this account stands The behavioral relationship is important from
1,541,939. They also get agricultural loans the view point of responsibility and humanity,
from all of our rural branches at a low interest particularly for the customers who do not
rate. They deserve it because they have made maintain account with the bank but buy
our country food-sufficient and saved foreign miscellaneous services like Demand Drafts,
currency through reducing the demand for Mail Transfer of money or payment of electric

bill, gas bill, opening and renewal of various faster for new customers to open an account
licenses, passport fees etc. SBPLC delivers with us. Core Banking Solution (CBS) software
these services with good manners, courtesy, has been implemented in 1,230 branches
kindness, sympathy and co-operation. By to integrate the activities, ease the banking
helping to solve a customer’s problem, functions, prevent fraud and forgery and above
undoubtedly makes a good impression on the all better customer service.
customer that adds competitive advantage to
the Bank. As a result of better service standard, Products proposition strategies
SBPLC’s non-funded income is increasing day
by day. Sonali Bank PLC invests in product propositions
and digital capabilities across our brands
Digitalized banking and divisions, to deliver the products to
our customers need through the channels
Keeping pace with the present digitalized they prefer, while improving efficiency and
world, the Bank has introduced Core banking customer service. The Bank invested in
system, Mobile banking, SMS banking, Online products and services for our customers, while
Any Branch Banking (ABB), RMS plus etc. to further reducing costs and improving efficiency
make the operations more efficient which through our simplification program.
is subsequently improving our service to
the valued customers and clients. We are Front desk customer service
integrating our IT systems and simplifying
automation to increase efficiency, ensure a SBPLC is always concerned the needs,
healthy environment and free up our frontline demands and priorities of customers. To make
staffs. This enables them to spend more time their banking easy with us, there is a front desk
with our clients and customers. Digitization has customer service system to provide information
also allowed us to simplify our application and and supports.
documentation processes, making it easier and
CUSTOMER SERVICE
Our vision unambiguously spells out the centricity of the customer in the Bank’s business strategies and
operations. A multi-tiered structure of committees is constantly reviewing existing services and suggesting
improvements. Important issues raised by these Committees and action taken thereon, as well as analysis of the
consolidated data for customer grievances for all circles are placed before the Customer Service Committee
of the Board every quarter, to identify common systemic and policy issues that require rectification. The Bank
has a well defined and documented Grievance Redressal Policy which provides for:
• A complaint box has been set in every branch • Bank’s Head Office based Complaint cell
of our bank so that any aggrieved customer can has been redesigned. Written complaint can
complain in a written document which would be dropped at branch complaint box, by
be addressed by the managers and high-ups. calling at the number of the Bank’s complaint
centre which is 9586431, fax no-7115519
• According to Bangladesh Bank guidelines, there
and through Bank’s email address which is:
is hotline for customer’s complaint address
dgmvcd@sonalibank.com.bd. All complaints
which is displayed on the visible place in every
are lodged and actions are duly taken. Bank
branch. The display contains the following
has mandated and has been able to redress
information:
a majority of the customer grievances within
Bangladesh Bank the shortest possible time. All ATM related
Hotline for customer’s complaint: complaints of Bank customers are redressed
Head Office: within the Bangladesh Bank prescribed time.
Dial 16236
Fax : 0088-02-9530273
E-mail : bb.cipc@bb.org.bd

SONALI BANK PLC
CUSTOMER FRIENDLY INITIATIVES

Due to COVID 19 Corona Virus breakout during 2020-21 and Russia Ukraine war in 2022, in the backdrop of
slow investment/consumption, constrained food production, high inflation, distress in several industry and
infrastructure sectors such as textile, chemicals, iron and steel, food processing, construction, telecom etc.
affected the growth of our economy. Major initiatives were taken by the Bank towards catalyzing investment
and growth, to facilitate the flow of credit to critical sectors of the economy including agriculture, infrastruc-
ture, micro, small and medium enterprises, housing and exports to reduce customer distress/pain points
and to raise the level of customer satisfaction. These initiatives include:
Process innovations
Relationship management platform was strengthened across business verticals-Accounts Management

teams for corporate, premier banking services for high net worth customers, relationship managers for SMEs.
Touch-points with customers were expanded through opening of branches and increasing
Customer Service Points, BC outlets in remote areas.
Cluster models were introduced at all currency chest branches for efficient cash management
at semi-urban/rural areas.
Technology upgrades
SBPLC has taken initiatives to bring all its branches under core-banking system. With this end in view, Son-
ali-Polaris, a Indian sophisticated and upgraded core banking software (CBS) has been adopted and all
branches are now in the process of conversion to it in the course of time. SBPLC has brought 1232 (100%)
branches under CBS program.
Call Center
Sonali Bank has become the first bank among the state-owned banks to launch Call Center on 15th March
2023 and is providing round the clock banking services to the customers. Sonali Bank Call Center number
is 16639 (from abroad +88 09610016639). At present, call center operations are running through the clock
by 40 agents.
Sonali e-sheba and Sonali e-wallet Skrill
During the COVID 19 pandemic in 2020, for the To receive the earnings of the Freelancers
welfare of the country and the mass people, easily and safely, Sonali Bank Limited has
Sonali Bank Limited introduced ’’Sonali e-Sheba’’ made an agreement with an UK based global
through which the clients can open accounts wallet “Skrill”. This Channel has widely been
even from their home. As a continuous process, appreciated by the Freelancers and they are
the bank also introduced ’’Sonali e-wallet’’ which using it quite easily.
helps the clients to make transactions to any
accounts, pay the bills and taxes etc. Sonali Payment Gateway (SPG)
Blaze Students/parents of more than 400 schools and

colleges and clients of different government/
Aiming to attract remittances, Sonali Bank private organizations have been paying tuition
launched a cross border payment network fee/ fees/ charges through online from home
called “Blaze”. Through Blaze, expatriates can using the Bank’s own software “Sonali Payment
send money from abroad to accounts of Sonali Gateway” by transferring funds (Sonali Bank
Bank and other 36 banks in just 5 seconds. account holders), Sonali Bank Debit/Credit/

Prepaid Card, Debit/Credit Card of Any Online CIB services
Bank, Nexus Card, bKash, Rocket, Ucash etc.
payment methods. To create a disciplined environment for
borrowing, the automated CIB service provides
Online DDP Payment System credit related information for prospective and
existing borrowers. With this improved and
Sonali Bank Limited introduced an automated efficient system, risk management will be more
system called Online DDP Payment System effective. SBPLC furnishes credit information
since November 2022 to pay the Welfare to CIB database 24/7 round the year; and they
Allowance (DDP) of Government employees can access credit reports from CIB online.
under the Bangladesh Employees Welfare
Board. Help desk and Women entrepreneur desk
Government Transaction System (GTS) To extend support to the customers and especially
to the entrepreneurs, there is a help desk and a
“Government Transaction System” GTS women entrepreneur desk in every branch. The
software/program has been introduced in functions of these desks are to assist the customers
735 Treasury branches of the Bank to capture by providing necessary information.
all government transactions. To ensure
transparency and accountability, the Bank has Foreign Remittance
also introduced “Online Chalan Verification”.
SBPLC’s own in-house software “Remittance
Automated Challan System (ACS) Management System Plus” (RMS+), having the
feature of paying foreign remittance instantly
Automated Challan System (ACS) has been over the counter, is being implemented at all
introduced in all branches of the Bank. Through branches. This web based software provides
this system, deposited amount of clients are digital services to the expatriates through its
settled real time and reflected in Government’s unique advantage of sending confirmation
Treasury Single Account (TSA) using the Real- message to the mobile phone of the remitter/
time Gross Settlement (RTGS) technology. As beneficiary. The Bank has also arranged to pay
a result, no mismatch of accounts is occurred foreign remittance through Western Union,
between the National Board of Revenue and Transfast, IME Malaysia and Express Money.
Finance Division.
Islamic Banking
Bangladesh Electronic Fund Transfer
Network (BEFTN) SBPLC is giving priority on Islamic Banking
because of its recent popularity in the banking
The Bank has successfully implemented sector. “Islamic Banking Division” of the Bank
Bangladesh Electronic Fund Transfer Network is running its business successfully through
(BEFTN) system in all the branches. “Ababil Islamic Core Banking Solution” in
58(Fifty Eight) branches of the Bank.
Remittance Management SystemPlus
(RMSPlus) Citizen Charter
A web based software, developed in-house To ensure proper customer service, citizen
named “Remittance Management SystemPlus charter has been hanged on the wall at the
(RMSPlus)”, has been introduced in 1230 visible place of customers at Head Office and
branches for receiving foreign remittance and branches as per the directive of the regulator.
receiving and making payment of Inland/Local By reading it customers can be well aware
remittance. of the services and products that the Bank is
supposed to render to its stakeholders.

SONALI BANK PLC
CITIZEN CHARTER
Current Deposit, Fixed Deposit, Short-term Deposit, Savings Deposit, Special Deposit
and Pension Scheme (SDPS), Sonali Deposit Scheme (SDS), Medicare Deposit Scheme
(MDS), Education Deposit Scheme (EDS), Rural Deposit Scheme (RDS), Marriage
Savings Scheme (MSS), Monthly Earning Scheme (MES), Double Benefit Scheme
(DBS), Non-resident Deposit Scheme (NRDS), Sonali Bank Daily Profit Scheme
Deposit Account (SBDPS), School Banking Scheme (SBS), Retirement Savings Scheme (RSS), Sonali
Bank Retirement Savings Scheme (SBRSS), Sonali Bank Millionaire Scheme(SBMS),
Triple Benefit Scheme (TBS), Mudaraba Monthly Profit Scheme (MMPS), Al-Wadeeah
Current A/c (AWCA), Mudaraba Savings A/c (MSA), Mudaraba Special Notice Deposit
A/c (MSND), Mudaraba Term Deposit A/c (MTD), Mudaraba Hajj Saving A/c (MHSA)
and Mudaraba Sonali Monthly Deposit Scheme(SMDS)etc.
Except Current Deposit, attractive interest rates are being offered on all types of
Interest on Deposit
deposits.
Web-based software named Remittance Management System Plus (RMSplus),
Inland and Foreign developed in house, has been deployed at 1230 branches for receiving foreign
Remittance remittances. Inland and Foreign Remittance payments are made through this system.
Electric Bills of PDB, Palli Biddyut Samity, DPDC, DESCO, Western Zone Power
Receipt of Utility Bill Distribution Company, Gas Bill, WASA Bill, Telephone Bill of BTTB are received.
Business Loan, Agricultural Loan, Rural Credit, Industrial Project Loan, SME Loan,
Agro-based Industrial Project Loan, Small and Cottage Industries Loan, Working
Loans and Advances Capital Loan, House Building Loan, Consumers Credit, Special Small Loan, Probashi
Karmasangsthan Rin, Education Loan, Term Loan to Freedom Fighters, Foreign
Education Loan and Export-Import Trade Loans etc. are offered.
To contribute to the socio-economic development of the country relatively lower
Interest Rates on Loans interest is charged on General Advances, Agricultural Loan, Rural Credit, Micro Credit,
and Advances Agro-based Industrial Loan, Other Industrial Project Loans and Export-Import Trade
Loans.
Without taking any service-charge, SBPLC makes payments of allowances to old
aged citizens, widows and divorced distressed women allowances, stipends for
primary education, stipends for disabled students, allowances for distressed disables,
Social Responsibilities
honorarium for freedom fighters, rehabilitation program for acid-burnt women and
physically disables and maternity allowances for poor mothers. In some cases,
services are provided at a very nominal charge.
Government Fees, taxes, VATs etc. which are payable to Govt. accounts are done through treasury
Transactions challan in 735 nominated branches of the Bank.
At present, a total of 1232 computerized branches are rendering digitalized banking

services to the clients of the Bank. A joint venture IT company named ‘Sonali Polaris
FT Ltd.’ has been established to implement Online Real Time Core Banking (ORTB)
Plans for
in the Bank. Any Branch Banking (ABB) at 1230 branches and SMS banking started
Computerization
at 1230 branches. SWIFT facilities are available in Head Office and 35 important
branches. To ensure safety at bank premises CCTV system has been installed at 506
branches including executive floor of HO.
ATM facility, locker facility, one-stop service, issuance of Wage-Earners' Development
Bond, Prize Bond purchase and sale, sale and purchase of Govt. treasury bond as
primary dealer, issuance and encashment of savings certificates issue and encashment,
US Dollar Premium Bond and US Dollar Investment Bond sale, Land Development Tax
collection, Excise Duty collection, VAT and collection of tax at source, City Corporation
Tax collection, receipt of money for Hajj, receipt of money for Jakat Fund, Travel Tax
Other Services
collection, receipt of Passport and Visa fees, opening account and fund collection during
natural calamity, payment of bills under Govt. food procurement program, payment of
money from welfare fund of the Govt. Employees, payment of salary and allowances to
teachers of the registered non-government primary schools, non-government schools,
colleges and madrasas and exchange of torn, cracked and dirty notes are handled by
Sonali Bank PLC.

CSR ACTIVITIES OF SONALI BANK PLC
Sonali Bank PLC as a leading state owned commercial bank in has been providing child day care centers for the protection
the country has been playing an important role in implementing and care of the young children of the concerned bank officers/
social and philanthropic programs to help disadvantaged employees in child day care centers run by 05 (five) government
people of the country. Our corporate responsibility programs banks (Sonali Bank, Rupali Bank, Janata Bank, Agrani Bank and
and initiatives support the bank’s strategy to deliver balanced Basic Bank). Financial assistance is being provided every month.
and sustainable outcomes for our customers, community and Besides, in order to continue the education of the poor talented
people. Sonali Bank believes that it has a solemn duty to make students, computer materials have been provided to the ICT
sustainable social change in the lives of the less fortunate and labs of various educational institutions of the country and books
underprivileged members of the society. Our bank always on Bangabandhu and the Liberation War have been provided to
places the interest of the common man, especially the most the libraries, along with providing support for the expenses of
marginalized, at its core. Its CSR activities are widespread the education up to Master’s degree. Sonali Bank PLC is always
and deep-rooted and have made true difference in the lives striving to uphold the sense of social responsibility.
of thousands from the under-served and downtrodden
communities. CSR is a continuing commitment of our Bank for Sonali Bank PLC has prioritized financial assistance in important
developing the quality of life of the community and society as and humanitarian areas such as treatment expenses for various
a whole. cancer diseases, kidney transplant, heart bypass surgery etc.
which are increasing in the contemporary context. Financial
Its’ fields of activities here cover from education to health to assistance has been provided to Prime Minister’s Relief and
infrastructure development both in urban and remote rural Welfare Fund from the Disaster Management Sector of CSR
areas. Since 2010, the bank is contributing to education, health, among flood victims at various times. Incidentally, Sonali Bank
nutrition, culture, self employment and development of lifestyle PLC has provided financial assistance in literature, culture, sports
of Bangladeshi people. Since 2012 the Bank extends stipends and social activities under CSR, in addition to education, health,
to students of SSC and HSC level as well as higher studies such environmental management sectors. Besides, it has extended
as medical or engineering discipline selected on the basis of assistance to numerous organizations to create awareness on
merit to help to pursue their academic career so as to enable issues pertinent to social advancement.
them to grow up to serve the nation with their knowledge and
expertise in the future. CSR activities are directly or indirectly linked to the country’s
Sustainable Development Goals (SDGs). Sonali Bank is
Due to climate change, blankets are provided as winter clothes strongly committed to providing support to the helpless,
by Sonali Bank to ease people’s suffering in winter. Sonali Bank weak and disadvantaged people and protecting the balance
has provided ambulances to remote areas to help patients of the environment with the aim of social and economic
receive timely treatment at the upazila level and to overcome sustainable development of the society and above all the
the crisis of dead bodies. Bangabandhu Sheikh Mujib Medical state through a socially responsible framework in accordance
University Hospital has provided minibuses for service providers with the objectives and guidelines of the Financial Institutions
to facilitate continuous patient care. Since 2015, Sonali Bank Department of the Ministry of Finance and Bangladesh Bank.
The amount of CSR disbursement in last three years is given bellow:

(Figure in million)
Category Year wise contribution
2021 2022 2023
Education 9.15 3.37 28.55
Health 2.72 11.96 2.37
Financial Inclusion - - 0.8
Rural Infrastructure Development - 0.63 -
Disaster Management - 13.46 7.00
Sports - 0.50 1.05
Literary, Art and Cultural activities - 0.15 -
Social Welfare 4.08 1.29 -
Research and Development - - -
Environment - 6.00 -
Capacity Building - - -
Women Empowerment 0.05
Development of Underprivileged people, Environment etc. 3.0 0.02 -
Others - - 21.68
Total 18.95 37.38 61.50

SONALI BANK PLC
GOVERNMENT TRANSACTIONS AND WORKS

RELATED TO SOCIAL RESPONSIBILITY
Sonali Bank PLC the largest state owned commercial bank of Bangladesh since the
war of liberation has been launching various innovative financial activities relate to
self-reliance that leads to national development. Now, Sonali Bank works side by side
with present Government for successful implementation of MDG and SDG along with
ongoing “Smart Bangladesh” Program.
Sonali Bank is the only scheduled

bank in Bangladesh that accomplishes
treasury functions with its 735
Government nominated branches
alongside Bangladesh Bank
having been so authorized vide
Treasury Rules. Besides, all sorts of
Government payments and receipts
in the style of cheques and bills are
taken place by this bank and reports
it’s thereof to the Bangladesh Bank
and CGA. The total turnover takes
place in 2023 amounting to the tune
of Tk. 2,435,100.00 million.
Moreover, Sonali Bank in consideration of Corporate through GTS software in all of its 735 Treasury Branches.
Social Responsibility works in the midst of socially & It is also to be noted that a new GTS software are being
economically disabled and destitute masses of the society developed with a view to deposit the chalan in online
viz old aged, widow, divorcee, insolvent allowances in whereby a depositor from any place or from any bank
the style of paying subsidies i.e. amounting Tk. 50,00.00 at his own will and be benefitted thereof. Sonali Bank
million (approx.) to the beneficiaries in the year 2023 in now provides a new gateway to the Police department
accordance with the direction of Government. The apex for updating Police Verification in real time. To ensure
portions of the 51 subsidies disburse without financial transparency and accountability, Sonali Bank recently
consideration. The bank also embellish with making introduced “Online Chalan Verification” through web
pension payment to the civil and military officials. It is portal www.cga.gov.bd from any place of the world.
to be noted that Sonali Bank is committed to ensure It is a pleasure to express that all socially committed
fast and smooth services to its clients and stake-holders allowances are being computerized and are to be
by rendering quality services to every nook and corner disbursed through online to the selected beneficiaries in
of the country. Bank also performs treasury functions a very recent days.

CONTRIBUTION TO
NATIONAL ECONOMY
Financial Support in Industrial, SMEs, Agro and other sectors
With a view to achieving economic goals and accelerating the pace of industrial development through
implementation of government policies, SBPLC has sanctioned loans for establishment of new industrial
units and also for expansion (BMRE) of existing potential units to expand the industrial base in the country.
The Bank has thus created employment opportunities by sanctioning the above loans to various industrial
units in the year 2023 which will contribute towards GDP growth. The Bank extended term loans and
working capital to different producers, business people and service providers under SME financing. As
per Bangladesh Bank’s instruction, Sonali Bank PLC has been providing Agricultural/Rural Credit among
the rural farmers ranging from 4% to 10% with simple interest rate. The Bank has been trying its best to
provide funding support to micro-credit sector for poverty alleviation, self-employment generation and
rural economic development. At present, as many as 11 projects/programs aimed at alleviating poverty are
being run by the Bank.
Sonali eSheba and Sonali e-Wallet
During the COVID 19 pandemic in 2020, for the welfare of the country and the the mass people, Sonali
Bank PLC introduced ’’Sonali eSheba’’ through which the clients can open accounts even from their home.
As a continuous process, the bank also introduced ’’Sonali e-wallet’’ which helps the clients to make
transactions to any accounts, pay the bills and taxes etc.
Contribution to National Exchequer
Sonali Bank plays an important role in assisting the Government in revenue collection. The Bank pays tax
and value added tax (VAT) on its own income. Besides, SBPLC collects income tax, VAT, tax at source from
clients and suppliers and deposits the same to the national exchequer. During 2023, the Bank deposited a
total of Tk. 14,170.96 million as advance tax, tax at source and VAT to the national exchequer which was Tk.
13,025.27 million in 2022. In 2021, Sonali Bank has been awarded one of the “Highest Vat Payers” by Large
Tax Payers Unit (Vat) of National Board of Revenue (NBR) for the assessment year 2020-21.
Sl. Particulars 2023 2022 Financial Inclusion

01. VAT on Commission 860.00 789.40
With a view to assisting the government in
02. VAT on Rent on bank building 96.76 94.64 accelerating financial inclusion program,
03. VAT on Various Expenses 147.27 200.56 SBPLC is working relentlessly to bring
simple, poor and unbanked people under
04. Source tax on L/C commission 137.65 95.51
the coverage of banking system with its
05. Source tax on buying house commission 34.95 23.70 enormous branch network in rural and
06. Source Tax on Interest paid by bank 6594.32 5220.91 urban areas. Total number of accounts
under financial inclusion program stood at
07. Source Tax on Cash subsidy on export 80.12 133.71
6,819,579 in 2023.
08. Source Tax on Export Proceed 255.36 258.86
09. Excise duty 2980.00 2986.45 Salaries to Staff
10. Employees tax 88.46 71.36
Till December 2023, the number of total
11. Tax deducted at source 2562.68 2281.66 employees of Sonali Bank was 18,257. Tk.
12. Advance tax paid 200.00 750.00 21,672.20 million was paid to the employees
Tax paid on car 6.00 5.60 as salaries and allowances and from the
13.
salaries, Tk. 88.46 million was paid as income
14. Tax on Various Expenses and others 127.39 112.91 tax from the employees.
Total 14170.96 13025.27

SONALI BANK PLC
MANAGEMENT DISCUSSION
AND ANALYSIS

MANAGEMENT DISCUSSION AND ANALYSIS
GLOBAL ECONOMIC SITUATION

The global economy remains remarkably resilient
through the global disinflation of 2022–23 descended
from its peak in mid-2022, after a long eventful journey
that was started with supply-chain disruptions in the
aftermath of the pandemic, a Russian-initiated war on
Ukraine that triggered a global energy and food crisis,
and a considerable surge in inflation, followed by a
globally synchronized monetary policy tightening.
According to the International Monetary Fund (IMF)
World Economic Outlook (WEO) April 2024, global
growth, estimated at 3.2 percent in 2023, is projected to
continue at the same pace in 2024 and 2025.
Governments in advanced economies are expected to in domestic demand and a rising working-age population.
tighten fiscal policy in 2024 and, to a lesser extent, in Growth in China is projected to slow from 5.2 percent
2025–26. For advanced economies, growth is projected in 2023 to 4.6 percent in 2024 and 4.1 percent in 2025
to rise from 1.6 percent in 2023 to 1.7 percent in 2024 as the effect of weakness in the property sector. Due to
and 1.8 percent in 2025. In the United States, growth is decreasing growth in Russia, Emerging and developing
projected to increase to 2.7 percent in 2024 from 2.5 Europe is projected at 3.2 percent in 2023 and 3.1 percent
percent in 2023, before slowing to 1.9 percent in 2025. in 2024, with an easing to 2.8 percent in 2025. Growth in
Growth in the euro area is projected to recover from 0.4 the Middle East and Central Asia is projected to rise from
percent in 2023 to 0.8 percent in 2024 and 1.5 percent an estimated 2.0 percent in 2023 to 2.8 percent in 2024
in 2025. The United Kingdom is estimated to grow by and 4.2 percent in 2025.
0.1 percent, Germany -0.2 percent, France 0.7 percent,
Japan 1.3 percent and Canada 0.9 percent in 2023. In The Russia-Ukraine war has fueled global inflation.
2024, the projected growth for the UK is 0.5 percent, Central bank policies in many countries around the
Germany from 0.7 percent, France 1.1 percent, Japan 1.7 world, including the US Federal Reserve (Fed), have
percent and Canada 1.8 percent. increased interest rates several times to control inflation.
As a result, the negative impact on the current account
The growth in emerging market and developing balance of various countries continues to increase
economies was 4.5 percent in 2023 and expected to be in import-dependent economies. Global inflation is
stable at 4.2 percent in 2024 and 2025. India is expected to estimated at 8.8 percent in 2022 (annual average),
grow by 6.8 percent, highest in the group, and projected 6.6 percent in 2023 and will be 4.5 percent in 2024.
to remain strong at 6.8 percent in 2024 and 6.5 percent in However, this rate of inflation is higher than the pre-
2025, with the robustness reflecting continuing strength pandemic inflation rate.
(Source: IMF World Economic Outlook April 2024)

SONALI BANK PLC
BANGLADESH ECONOMIC SCENARIO
Bangladesh’s economy has recovered from the

economic damage caused by the impact of
COVID-19 and the ongoing Russia-Ukraine crisis,
although the recent slowdown in the global economy
has adversely affected the country’s economic
growth. Bangladesh’s economic growth stood at 6.94
percent in FY 2020-21 and 7.10 percent in FY 2021-22.
According to the provisional estimates of Bangladesh
Bureau of Statistics (BBS), the GDP growth stood at
6.03 percent in FY 2022-23.
According to the provisional estimate of BBS, the growth of the OMS has increased and ‘Family Cards’ have been
of agriculture sector has slowed down to 2.61 percent issued to nearly 1 crore poor people so that they can buy
in the FY 2022-23, 0.44 percentage point lower than FY essential commodities at low cost.
2021-2022. During the same period, industrial sector
grew by 8.18% in 2022-23. In the past years, with the Foreign trade of Bangladesh has started to return to
aim of encouraging the expansion of medium and small a positive trend after confronting the adverse effect
industries in addition to large industries, the amount of of COVID-19 pandemic and Russia-Ukraine war.
industrial loans distributed in the country is continuously Bangladesh’s export growth is on a positive trend
increasing as a result of the continuous efforts of the as exports receipts are estimated to be 54.2 billion in
government to distribute industrial loans and other FY 2022-23, which is a bit higher than the previous
cooperation through banks and financial institutions. fiscal year. On the other hand, Country’s total Import
The contribution of industry to GDP became 37.56 payments is estimated to be around US$ 75.1 billion
percent, 0.64 percentage point higher than the previous in FY 2022-23, lower than the import payments of the
fiscal year. The services sector is estimated to have 5.84 preceding fiscal year. The negative growth of import
percent growth in FY 2022-23, 0.42 percentage point
might be the outcome of a number of initiatives taken
lower than the FY 2021-22. Warehouse and support
by the government as well as the central bank.
activities are estimated to experience the highest growth
rate of 9.08 percent followed by Human health and
Due to COVID-19 pandemic, the global labor market has
social work (8.36%).
drastically affected. But number of emigrant workers
from Bangladesh has significantly increased due to ease
As per the final estimate, per capita GDP stood at US$
the travel restriction for better COVID-19 situation. During
2,657 in FY 2022-23 decreasing from US$ 2,687 of fiscal
year 2021-22, while the per capita national income stood 2022-23, financial year, remittance earned reached
at US$ 2,765 which was US$ 2,793 in the previous fiscal at US$ 21.03 billion though 15.11 percent lower than
year. The per capita national income in dollar terms has previous fiscal year. The major portion of remittance has
declined slightly in FY 2022-23 due to the appreciation been received from Middle East countries. During 2023,
of US dollar. the highest amount of remittance earned from Kingdom
of Saudi Arabia followed by the USA, UAE, the UK, Qatar,
The world has seen a sharp jump in commodity prices Kuwait, Malaysia, Italy and so on.
due to supply chain issues as a result of ongoing
Russia-Ukraine war. Like other countries of the world, Shortfall in the overall balance due to the war and deficit
the upward trend of the price level is being observed balance of payment owing to negative remittance flow is
in Bangladesh. On a point-to-point basis, inflation stood largely responsible for the downfall of foreign exchange
at 9.24 percent in April 2023, as against 6.29 percent in reserve. Due to the high import bill resulted from global
April 2022. The government has taken various necessary excessive price hike the volume of foreign exchange
steps to alleviate the pressure of inflation. The coverage reserves stood at US$ 30.18 billion on December 2023.
(Source: Bangladesh Economic Review 2023)

PERFORMANCE REVIEW OF SONALI BANK PLC
Significant Achievements at a glance increase of Tk. 85,821.00 million or 6.04 percent

over 1,420,362.93 million of the preceding year.
The Bank always strives to achieve meaningful financial Total deposits comprising current deposit and other
performance. Strong capital base, wide branch network, accounts stood at Tk. 249,564.59 million which was
innovative products, quality services, customer satisfaction Tk. 244282.39 million in 2022. As on previous year,
and their reliability, support from stakeholders etc. are fixed deposits constituted of the main component
helping the Bank to make significant performance. The of the deposit item that was 408,074.43 million or
major achievements of SBPLC in 2023 are: 27.09 percent of total deposits in 2022. After fixed
deposits, savings deposits stood at Tk. 636,606.89
• Sonali Bank achieved Operating Profit of Tk.
million in 2023 which was Tk. 587,362.19 million in
38,461.88 million in 2023 which was highest in
2022 meaning 8.38 percent growth and accounted
the banking sector of Bangladesh. Net profit after
for 42.27 percent of the total deposits. Bills payable of
taxation stood at Tk. 6,514.80 million in 2023 which
the Bank stood at Tk. 13,549.02 million in 2023 which
was highest among the state owned commercial
was Tk. 14,817.25 million 2022. The Bank employs its
banks of the country.
best efforts to increase the proportion of low/no cost
• Total assets of the Bank stood at Tk. 1,981,129.66 deposit and to achieve an ideal deposit mix.
million as on 31 December 2023 comparing
10.69% higher than that of Tk. 1,789,772.29 million Investment & Investment Income
as on 31 December 2022. This is to be delightfully
mentioned that this is the highest amount of assets There was a significant change in the investment
that a commercial Bank has reached ever. income of SBPLC. The total investment of the Bank
• The bank is maintaining the uptrend of its deposits stood at Tk. 623,541.13 million at the end of 2023 which
successfully. In the reporting year, deposit of the was Tk. 621,272.57 million in 2022. Major investments
bank stood at Tk. 1,506,183.93 million against Tk. were made in the form of Treasury Bills, Treasury Bonds,
1,420,362.93 million in 2022 with an increase of Special Bonds, Reverse Repo, Call Loan, Term Deposit,
6.04%. Shares and Debentures etc. Total investment income of
the Bank as on 31 December, 2023 was Tk. 45,794.88
• All of its 1,230 local branches are rendering digitalized
million against Tk. 31,638.74 million of the previous year.
banking services through CBS to the clients of the
Bank. These branches have been operating SMS
Classified Loan and Recovery
banking service. Registered customers can get their
account transaction and balance through SMS. The amount of classified loan stood at Tk. 132,131.30
• During 2023, the Bank deposited Tk. 14,170.96 million which was 13.11 percent of the Bank’s total
million as Tax, VAT, Excise Duties, and Source loan as on 31 December, 2023. The amount was Tk.
Taxes etc. to the national exchequer which was Tk. 125,536.74 million (14.83 percent of Bank’s total loan) as
130,847.49 million in 2022. on 31 December, 2022. The amount of recovery against
• Live operation of Islamic Window is going on in 58 classified and written off loan in 2023 was Tk. 11,644.40
branches of the bank through “Ababil Islamic Core million and Tk. 666.71 million respectively.
Banking Solution Software”.
Capital Adequacy
• Providing real time online banking through Core Banking
Software with a world class technology platform. As on 31 December 2023, Bank’s Capital to Risk-
• Extended Corporate Governance and CSR activities. weighted Asset Ratio (CRAR) has stood at 10.07% which
is 0.07% higher than regulatory requirement of 10.00%.
The maintenance of the regulator’s minimum capital
Analysis of Operating and Net Profit requirement came through the prudent management
of overall assets of the Bank. As part of capital
The total operating profit of SBPLC stood at Tk. 38,461.88
million in 2023 against Tk. 23,823.07 million in 2022. management, the Bank emphasized on increasing
Whereas operating expense was Tk. 29,176.42 million in rated exposures. Total assets of the Bank increased by
2023 which was Tk. 26,647.21 million in 2022. On the 10.69% in 2023, the Risk Weighted Assets (RWA) of the
other hand, net profit registered at Tk. 6,514.80 million in Bank also increased slightly in the same period. This is
2023 against Tk. 3,710.42 million in 2022. to be mentioned that total assets of the Bank crossed
Tk. 1.00 trillion in 2015 which set a record in the history
Deposits of a commercial bank in Bangladesh. In 2016, total
deposits of the Bank also crossed the landmark of Tk.
The total deposit of the Bank as on 31 December, 1.00 trillion and in the reporting year, the Bank has
2023 was Tk. 1,506,183.93 million showing an maintained the uptrend of the deposit flow.

SONALI BANK PLC
PRINCIPAL ACTIVITIES
Core Banking Solution (CBS) on Islamic Shariah since June 29, 2010 to provide their
ever increasing demands. In order to efficiently operate
The Bank has successfully installed Core Banking Solution Islamic banking, a Shariah Supervisory Committee has
(CBS) in all of its 1,230 local branches by using new been constituted with country’s famous Islamic thinkers,
technologies and innovative services to make banking economists and bankers. The Bank has introduced “Ababil
easier and simpler. At present, the Bank takes the pride Islamic Core Banking Software” for Islamic banking in
of being the largest online bank in Bangladesh. It has also 58(Fifty Eight) branches.
taken initiatives to make the Bank totally IT driven and to
achieve full automation. A web based in house developed Ecology and Green Banking
software named ‘Remittance Management System Plus”
Ecology and green banking has become a social
(RMS plus) has been deployed at 1,230 domestic branches
awareness in the present world. SBPLC insists on going
for receiving foreign remittance and receipt and payment
green to help the environment through its Online Banking,
of inland/local remittance through RMS plus. We are also
Mobile Banking and the idea of socially responsible
providing SMS Banking, VISA Credit & Debit card facilities,
investment funds for sustainable project finance activities.
ATMs, Phone Banking, Q-Cash, Bangladesh Automated
Online banking which reduces the use of paper and
Clearing House (BACH), Bangladesh Electronic Fund
carbon footprint, saving daylight through proper entrance
Transfer Network (BEFTN) to our customers smoothly.
of sunlight and air which reduce the use of electricity.
SME Financing Investment in eco friendly business projects are important
and easy aspect of green banking. A truly green bank will
The Bank is emphasizing the activities relating to the reduce its carbon footprint by building more efficient
promotion of sustainable economic development and premises and branches; implementing more efficient
taking keen interest for providing overall service with operational procedures to promote sustainable banking
the coordination of modern technologies and expert and increasing their investments in environment sensitive
professionals in the SME sector considering the same industries.
as center of economic development. As a leading
SBPLC’s Green Banking practices are connected with
commercial bank in the country, SBPLC is contributing the
both internal operation and product ecology. Product
economic progress by creating employment opportunities
ecology is concerned with the impacts of the banks on
for mass unemployed people through financing small and
the environment used by the clients. Green Banking
medium industry, trade and service sector. In this case, the
is engaged in creating socially responsible investment
Bank is firmly committed to create quality SME customers,
funds and sustainable project finance activities. SBPLC
patronize and develop them through equal management
is concerned with the welfare of its employees and
besides providing utmost importance to acquire quality
customer’s satisfaction, benefits, wages and the Bank’s
assets. Moreover, the Bank is accelerating the sustainable
environmental standing. The Bank is putting a combined
development of rural economy of the country by investing
effort on switching to more environment friendly practices
the micro and cottage industry and giving special attention
i.e. Online Banking, reducing wastage of paper and
to the neglected and un-banked female entrepreneurs
electricity, using solar power and energy saving bulb, saving
as well as trying to connect them to the mainstream
day light during office hours and being more conscious
of economic development by offering diversified
about employee travel policies.
loan products. Considering economic development
of the country, the Bank is ignoring net spread and Benefits of Online Banking include less paperwork, less mail
investment operational cost. SBL regularly participate SME etc. which all have a positive impact on the environment.
promotional activities such as SME Fair, Road Show, Open The environment and the banking Industry both are
SME Loan Disbursement and Exchange of views with benefited when the customers of a bank start using Online
the entrepreneurs organized by Bangladesh Bank, SME Banking, SMS Banking and Mobile Banking services. SBPLC
Foundation, Business Associations and Chambers. The aims at introducing changes in operational areas in future
Bank also arranges Bankers Entrepreneurs meeting at field to adopt more environment friendly procedures. The
based controlling offices and premises. progress of our current banking system towards a fully
electronic and Online Banking will further reduce the
Islamic Banking operational cost and will be beneficial for our customers.
Because of Muslim dominant people of Bangladesh, Ethical Banking
Islamic banking, based on Shariah, is getting popularity in
the country. SBPLC has also started banking business based Banks and the policies they pursue have an impact on

the community around them. Their impact has two to day operation by its 02(two) branches located Dhaka.
dimensions: the way they operate i.e. internal operations The company has a plan to open new branches at other
and the types of companies they finance. SBPLC takes care divisional towns in future.
of both the dimensions in its operation. Many ethical issues
such as the environmental conduct of customers are now Foreign Correspondent Bank
part of standard risk assessment and prudent banking. It
SBPLC has established correspondent relationship with 569
is becoming increasingly common practice for banks to
branches/subsidiaries located in 93 countries to facilitate
have guidelines for their staff on the major ethical issues
business with foreign countries. This correspondent
they cover. SBPLC has been trying to follow the Equator
relationship has significantly increased bank’s foreign
Principles, a set of guidelines developed by the banks for
exchange and trade business simultaneously. As a result,
managing social and environmental issues related to the
the clients of SBPLC have been receiving prompt and
financing of development projects.
satisfactory services all over the world.
Credit Rating
Corporate Social Responsibility
Credit Rating Information and Services Ltd.(CRISL)
rated Sonali Bank PLC in their report; they rated the As a leading state owned commercial bank in the country,
Bank AAA as With Government Support for long term SBPLC extend its hands of cooperation to the destitute
and ST-1 for short term. They also rated the Bank A+ people who are largely affected by natural disaster and
as Without Government Support for long term and ST-2 calamities. The Bank also provides scholarship to the poor
for short term. The outlook of the rating is stable. The but meritorious students for their higher studies every
rating company performed the rating surveillance based year. The Bank has donated funds for rehabilitation of the
on Audited Financial Statements and other relevant employees affected in Rana Plaza Tragedy and earthquake
information based on 31 December 2022. affected people in Nepal in the recent past. Besides, SBPLC
takes part in many socio economic activities, cultural and
Treasury Operation sports events as the part of CSR. Further, the Bank has a
plan to establish a hospital and an international standard
Treasury operation is one of the core functions of SBPLC.
school and college under CSR. SBPLC has always been
Treasury Management Division (TMD) is responsible
paying respect to social and public welfare rather than
for fund management, i.e. maintaining adequate cash
orbiting around maximization of profit. SBPLC energizes
balances to meet day to day requirements and deploying
from implementation of every single opportunity of serving
surplus funds from operations. It is also responsible for
the nation regardless of the magnitude of the frame.
maintenance of reserve requirements (Cash Reserve Ratio
and Statutory Liquidity Ratio). It has now evolved as a profit Human Resource Development
center with its own trading and investment activities and
has a pioneer role of leadership in building stable Inter Skilled manpower is the pre-requisite of success in any
Bank Money Market and Foreign Exchange Market in organization. Every human being has unique latent qualities
Bangladesh. in him/her though the qualities remain unexplored most
of the time. If the latent qualities of a newly appointed
Capital Market Operation employee are exposed and can be trained up in a proper
way, one can be turned into an asset for the organization.
SBPLC has a significant presence in the capital market of
The aim of Human Resources Development Division
Bangladesh through its subsidiary Sonali Investment Limited
of SBPLC is to take initiatives to explore the unexplored
(SIL). Obtaining license from BSEC, SIL commenced its
latent qualities in our manpower and provide them with
operation on 14 September, 2009 as Merchant Banking
proper training which includes on Job and off Job training,
Unit under Treasury Management Division (TMD) of Sonali
attending different seminars and conferences related to
Bank PLC. Subsequently, the merchant banking unit had
skill development, job rotation and time to time counseling.
been registered with Registrar of Joint Stock Companies
Besides, the Bank recruited Probationary Officers and
and Firms (RJSC) as a full-fledged subsidiary of SBPLC on
Senior Officers to meet the changing business needs and
April 22, 2010 as SIL. The authorized and paid up capital
ever increasing demand of prompt customer service of the
of the company stands at Tk. 6,000.00 million and Tk.
clients.
2,000.00 million respectively. Being fully compliant with
the laws of the land, SIL ensures high quality services to Asset Liability Management
our valuable clients through its professionalism. It attaches
priority to investors’ interest, their benefit and always Asset Liability Management (ALM) is the most important
intends to protect investors against market related risks. function of Bank Management derived from an
This is why SIL has become a trusted partner of investors. independent unit within Treasury Management Division of
The current activities of the company include Issue SBPLC. The function of ALM is the architecture of Bank’s
Management, Portfolio Management, Underwriting, Equity Balance Sheet by assessment of current scenario and
Participation and ancillary services related to the capital projection of future possibilities. As a part of core risks
market. At present, Sonali Investment Limited runs its day management in Banking, Bangladesh Bank has introduced

SONALI BANK PLC
basic guidelines for managing assets and liabilities of banks operations and issued necessary guidelines for those
in Bangladesh. In line of Bangladesh Bank guidelines of areas. These are: (a) Credit Risk (b) Asset and Liability/
Asset liability management (ALM) and related circulars, Balance Sheet Risk (c) Foreign Exchange Risk (a) Money
SBPLC facilitates smooth functioning of asset liability Laundering Risk (e) Internal Control and Compliance Risk (f)
management and controlling the Balance Sheet risks. Information Technology Risk and 01 (one) supplementary
Risk - Environmental and Climate Change Risk. The Risk
Risk Management Management Division identifies, analyses, evaluates
and supervises all risk related works including control/
Like any other business, there are various risks inherent in mitigation measure of risk as per guidelines and direction
banking business as well. But the risks in banking business of the Bangladesh Bank with the approval of the Board of
are complex and multi-dimensional. These necessitate Directors. A high powered ‘Risk Management Committee’
structural development and the implementation of risk comprising five members of the Board of Directors has
management strategies in the banking sector. Bangladesh been working as per the directives of Bangladesh Bank to
Bank has identified 6 (six) core risk areas relating to banking strengthen overall risk management activities.
OUTLOOK FOR 2024
The overall growth performance of the Bangladesh economy was stable since last decade due to
macroeconomic stability, lower inflation rate and higher production in the industry and service sector. Though
affected by COVID 19 in 2021 and Russia Ukraine war in 2022, the economy in Bangladesh still expects to
record a steady growth. To make 2024 another successful year, SBPLC is ready to accept the challenges of
2024 with new visionary zeal to achieve the common objectives of the Bank and hence the year 2024 will
definitely be a challenging for everyone at SBPLC. To achieve success in the year, SBPLC has undertaken the
following short term strategies side by side with midterm and long term strategies:
• Initiative will be taken to invest in strategically creating employment opportunities for a large
important in innovative areas which will focus on section of population.
delivering stronger value added offers to our clients. • Formulation of an integrated CSR and Green
• Steps to accelerate the number of VISA enabled financing policy.
credit card holders along with further expansion
of ATM services.
• Steps to strengthen relationship with customers
and pay more attention on client satisfaction,
• Integrated approaches through multi-
loyalty and retention.
dimensional and customized promotional
programs to gear up entire foreign trade • Special programs for business like ‘Seba-Mash’,
including wage earners’ remittance. ‘Grahok-Somabesh’, ‘Remittance Pokkho’ etc.
• Pragmatic steps to bring the SME under the • To present innovative and new deposit and
main stream of investment which will facilitate investment products to the customers.
Some factors may cause actual results to differ and some may significantly deviate from the outlook for 2024.
Some of the factors that may affect the business environment are given below:
• Changes in the general economic condition • Reducing the margin ratio for investment
resulting from natural calamities and political accounts.
disturbances. • Volatility in interest rate.
• Changes in government policy issues. • Volatility in capital market arising from
• Increase in corporate tax rate. speculations.
• Increase in CRR and SLR of the banks.

• Compliance issues raised by the international
forums which are likely to affect the export
• Withdrawal of incentive given to some thrust growth.
sectors which may make the projects slowly
• Rise in international prices of essentials which
moving. may lead to volatility in Foreign Exchange
• Directives to reduce the lending rates to finance Market.
essential items. • International embargo/unrest may adversely
• Increase in provisioning requirement may affect remittances and trade.
reduce the ROA and ROE. • Adverse media reporting.

PRODUCTS AND SERVICES OF SBPLC
LOANS AND ADVANCES
DEPOSITS GENERAL ADVANCES
Time Deposits • Cash Credit: General-Hypothecation
• Fixed Deposits • Cash Credit: General Pledge
• Special Notice Deposits (SND) • Demand Loan
• Deposit Pension Scheme • Overdraft
• Sonali Bank Special Deposit and Pension Scheme • Small Loan
• Savings Deposits • House Building Loan (General)
• Non-Resident Foreign Currency Deposit (NFCD) and • Special Small Loan Programme
Resident Foreign Currency Deposit(RFCD) Account • Small Business Loan Scheme
• ATM A/C • Lease Finance
• Sonali Deposit Scheme • Probashi Karma-sangsthan Rin Prokalpa
• Education Deposit Scheme • Term Loan to Freedom Fighters
• Medical Deposit Scheme • Personal Loan
• Rural Deposit Scheme • Education Loan
• Monthly Earning Scheme • Foreign Education Loan Programme
• Marriage Savings Scheme
• Double Benefit Scheme RURAL CREDIT
• Sonali Bank Daily Profit A/C
• Non-Resident Deposit Scheme • Loan Under Sonali Bank Agro-based Industrial Cr. Scheme
• School Banking Scheme • Working Capital to Agro-based Industries-Hypo.
• Retirement Savings Scheme • Working Capital to Agro-based Industries-Pledge
• Sonali Bank Retirement Savings Scheme • Agricultural Credit
• Sonali Bank Millionaire Scheme
• Triple Benefit Scheme DEMAND DEPOSITS
• Sonali Krishok Savings Scheme (SKSS)
• Current Deposits
• Call Deposits
INDUSTRIAL CREDIT • Foreign Currency Deposits
• Convertible Tk. A/C
• Loan under Sonali Bank Industrial Credit Scheme
• Foreign Bank’s Deposits
• Laon under External Credit Programme
• Exporter’s Foreign Currency Retention Quota
• Working Capital to Industries-Hypothecation
• Working Capital to Industries-Pledge
SUNDRY DEPOSITS
• SME Finance A/C (Term Loan to Services)
• SME Finance A/C (Term Loan to Industries) • Margin on Letters of Credit
• SME Finance A/C (Working Capital to Industries • Margin on Letters of Guarantee
and Trading)
• Hajj Deposits
• Employees Contributory Provident Fund
MICRO CREDIT • Employees General Provident Fund
• Sonali Bank Employees Pension Fund
• Bank-NGO Linkage Wholesale Credit
• Sonali Bank Employees Pension and Death Cum
• Credit for Urban Women Micro Enterprise Retirement Benefit Fund
Developement (CUMED)
• Drafts Payable
• Unmesh
• Govt. Drafts Payable
• Rural Small Business
• Payment Orders Issued
• BRDB-UCCA
• Foreign Drafts/Travellers Cheque Issued
• Foreign Correspondents Charges
• Foreign Drafts Payable

SONALI BANK PLC
FINANCIAL SERVICES OTHER SERVICES

Sl. Inland Remittance Utility Bills
• Demand Draft (DD) • Electricity Bills Collection of PDB, REB, DESCO and
• Telephonic Transfer (TT) DPDCL.
• Mail Transfer (MT) • Bills Collection of Titas Gas Company.
• E-Wallet • Bills Collection of WASA.
• RTGS • Telephone Bills Collection of BTCL.
• Sonali Payment Gateway
Sl. Foreign Remittance Payment
• Blaze • Salary and allowances for the teachers of 5.00 ( ve)
• Skrill lac private Educational institution.
• Western Union • Old age allowances.
• IME • Allowances to 60,000 bene ciaries of Sta
• Trans-fast Benevolent Board.
• Spot Cash • Freedom Fighters remuneration and allowances.
• Xoom Paypal • Widows, Divorcees and destitute Women
• SAMBA allowances.
• Hello Paisa South Africa • Allowances to the poor mother.
• RIA Financial Services • Allowances of the disabled people.
• Allowances to the Acid Burnt Women.
INTERNATIONAL TRADE FINANCE • Stipend /scholarship to the disabled students.
• Loan Against Imported Merchandise (LIM) Collection

• Loan Against Trust Receipt • e-challan
• Forced Loan against Back to Back Letter of Credit • Land Development tax.
• Packing Credit • Excise duty
• Loan Against L/C Under WES • VAT
• Foreign Bills Purchased/ Negotiated-Clean • Source Tax
• Foreign Bills Purchased/ Negotiated-Documentary • Travels Tax
• Payment Against Document (PAD) • Hajj Deposit
• Inland Bills Purchased • Jakat Fund
• City Corporation Tax
ISLAMIC BANKING DEPOSITS • Information delivery in accordance with section 111
(F), Income Tax Ordinance, 1984.
• Al-Wadeeah Current Account (AWCA) • Activities related to Local Government.
• Mudaraba Savings Account (MSA) • ASYCUDA/Online Customs Duty Collection
• Mudaraba Special Notice Deposit (MSND)
• Mudaraba Term Deposit Account (MTDA)
• Mudaraba Hajj Deposit Scheme (MHDS)
• Mudaraba Monthly Pro t Scheme (MMPS)
• Sonali Monthly Deposit Scheme (SMDS
LOANS AND ADVANCES
Islamic Banking Investment

• Bai-Murabaha
• Bai-Muajjal
• Bai-Salam
• Hire Purchase
• Under Shirkatul Meelk
• Bai-Istisna’a

MEDIA HIGHLIGHTS
OF SBPLC

SONALI BANK PLC
AWARDS & RECOGNITIONS
ICMAB Best Corporate Award 2022 (Golden Award) Received By Mr. Md. Afzal Karim, Chief Executive Officer of SBPLC.
Annual Performance Agreement Award 2021-2022 (1st position) received by Mr. Md. Afzal Karim, Chief Executive Officer
of SBPLC from the Secretary of the Ministry of Finance of the Government Republic of Bangladesh.
Sonali Bank PLC has been awarded Best Innovation Award 2023-2024 by the Ministry of Finance.

SAFA Best Presented Annual Report Award 2022 Received By Mr. Subhash Chandra Das FCA, FCMA,
Deputy Managing Director of SBPLC.
Sl. Name of Award Awarded by Year

1 Best Innovation (Showcase) Financial Institutions Division, Ministry of Finance 2024
2 Annual Performance Agreement Award 2022-2023 Financial Institutions Division, Ministry of Finance 2024
3 ICMAB Best Corporate Award 2022 Institute of Cost and Management Accountants, Bangladesh 2023
4 ICAB National Award for Best Presented Annual Report 2022 The Institute of Chartered Accountants of Bangladesh 2023
5 SAFA Best Presented Annual Report 2022 South Asian Federation of Accountants 2023
7 SAFA Best Presented Annual Report 2021 South Asian Federation of Accountants 2022
8 ICAB National Award for Best Presented Annual Report 2021 The Institute of Chartered Accountants of Bangladesh 2022
12 Highest VAT Payer Large VAT Payers Unit, National Board of Revenue 2021
16 Award in Foreign Remittance Collection Centre for the Non-Residence Bangladeshis (NRBs) 2019
17 Bangladesh Bank Remittance Award Bangladesh Bank 2018
18 Bangladesh Bank Remittance Award Bangladesh Bank 2017
20 Highest Tax Payer in Banking Sector National Board of Revenue 2016
21 Best Financial Institute of the Year Arthokontho Business Award 2013
22 Best Brand Award Bangladesh Brand Forum 2013
23 Strongest Bank in Bangladesh The Asian Banker 2012
24 Highest Remittance Collecting Bank The Industry 2012
26 Award in Foreign Remittance Collection Centre for the Non-Residence Bangladeshis (NRBs) 2012
30 Best Retail Banker in Bangladesh The Asian Banker 2010
31 ICMAB Best Corporate Award Institute of Cost and Management Accountants, Bangladesh 2008

SONALI BANK PLC
PHOTO
GALLERY
National Card Scheme “TakaPay” inaugurated by Hon’ble Prime Minister Sheikh Hasina, MP, Government of the
People’s Republic of Bangladesh.
MOU of Universal Pension Scheme handed over by the 4th EGM of SBPLC held in the Board room of SBPLC headed
Ministry of Finance to Mr. Md. Afzal Karim, CEO of SBPLC. by the Chairman of SBPLC Mr. Ziaul Hasan Siddiqui.
20 (twenty) model branches inaugurated by the Universal Pension Scheme in SBPLC inaugurated by Mr.
Chairman of SBPLC Mr. Ziaul Hasan Siddiqui. Md. Afzal Karim, CEO of SBPLC.

Agreement Signing ceremony on Refinance Scheme Discussion meeting with the IMF delegation team
with Bangladesh Bank. presided over by the CEO, Mr. Md. Afzal Karim.
Meeting of Senior Management Team (SMT) headed by 200th ATM Booth inaugurated by Mr. Md. Afzal Karim,
Mr. Md. Afzal Karim, CEO of SBPLC. CEO of SBPLC.
Agreement of Sonali Payment Gateway (SPG) handed International Women’s Day, observed by the employees
over by the Deputy Managing Director, Mr. Subhash of SBPLC.
Chandra Das FCA, FCMA.

SONALI BANK PLC
FINANCIAL
STATEMENTS

INDEPENDENT AUDITOR’S REPORT
TO THE SHAREHOLDERS OF SONALI BANK PLC
Report on the Audit of the Consolidated and Separate Financial Statements

Opinion Basis for Opinion
We have audited the consolidated financial We conducted our audit in accordance with the International
statements of Sonali Bank PLC and its subsidiaries Standards on Auditing (ISAs). Our responsibilities under
those standards are further described in the Auditors’
(the “Group”) as well as the separate financial
Responsibilities for the Audit of the Consolidated and
statements of Sonali Bank PLC (the “Bank”), which Separate Financial Statements section of our report. We are
comprise the consolidated and separate balance independent of the Group and the Bank in accordance with
sheets as at 31 December 2023, and consolidated the International Ethics Standards Board for Accountants'
and separate profit and loss accounts, consolidated Code of Ethics for Professional Accountants (IESBA Code),
and separate statements of changes in equity, and Bangladesh Securities and Exchange Commission (BSEC),
and Bangladesh Bank, and we have fulfilled our other ethical
consolidated and separate cash flow statements for
responsibilities in accordance with the IESBA Code and the
the year then ended, and notes to consolidated and Institute of Chartered Accountants of Bangladesh (ICAB)
separate financial statements, including a summary of Bye-Laws. We believe that the audit evidence we have
significant accounting policies. obtained is sufficient and appropriate to provide a basis for
our opinion.
In our opinion, the accompanying consolidated
financial statements of the Group and separate Key Audit Matters
financial statements of the Bank give a true and fair Key audit matters are those matters that, in our professional
view of the consolidated financial position of the judgement, were of the most significance in our audit of
Group and the separate financial position of the Bank the consolidated and separate financial statements of
as at 31 December 2023, and of its consolidated and the current period. These matters were addressed in the
context of our audit of the consolidated and separate
separate financial performance and its consolidated
financial statements as a whole, and in forming our opinion
and separate cash flows for the year then ended in thereon, and we do not provide a separate opinion on these
accordance with the International Financial Reporting matters. For each matter below our description of how our
Standards (IFRSs) as explained in Note 2. audit addressed the matter is provided in that context.
Risk Our response to the risk

Measurement of provision for loans and advances
The process for estimating the provision for loans and We tested the design and operating effectiveness of key controls
advances portfolios associated with credit risk is significant focusing on the following:
and complex. For the individual analysis, these provisions • Tested the credit appraisal, loan disbursement procedures,
consider the estimates of future business performance monitoring and provisioning process;
and the market value of the collateral provided for credit
transactions. • Identification of loss events, including early warning and default
warning indicators;
For the collective analysis, these provisions that deal with • Reviewed quarterly Classification of Loans (CL);
voluminous databases, assumptions, and calculations
Our substantive procedures in relation to the provision for loans
for the provision estimates of complex design and
and advances portfolio comprised the following:
implementation are manually processed.
• Reviewed the adequacy of the Bank’s general and specific
At year-end 2023 the Group and the Bank reported total provisions;
gross loans and advances of BDT 1,023,994 million (2022:
• Assessed the methodologies on which the provision amounts
BDT 866,038 million) and BDT 1,008,053 million (2022:
were based, recalculated the provisions, and tested the
846,430 million) respectively and provision for loans
completeness and accuracy of the underlying information;
and advances of BDT 103,544 million (2022: BDT 84,378
million) and BDT 103,544 million (2022: BDT 84,378 million) • Finally assessed the appropriateness and presentation of
respectively. disclosures against relevant accounting standards and
Bangladesh Bank guidelines.
We have focused on the significant judgments and
For the year ended 31 December 2023, the Bank has maintained required
estimates which could give rise to material misstatement or
provision as per DBI-1(posha-1)/2105/2024-534 dated 28 April 2024 and
management bias.
DOS(CAMS)1157/41(Dividend)/2024-1840 dated 30 April 2024 issued by
Provision measurement is primarily dependent upon key Bangladesh Bank.
assumptions relating to the probability of default, the ability
to repossess collateral, and recovery rates.
See notes no. 7 and 13.01 to the financial statements.

SONALI BANK PLC
Recognition of interest income

Recognition and measurement of interest income
We tested the design and operating effectiveness of key controls
involve a complex IT environment as well as require
focusing on the following:
critical estimates and judgment. Since interest income
• We performed tests of operating effectiveness on
from loans and advances is one of the key performance
automated control in place to measure and recognize
indicators of the Bank there is an inherent risk of
interest income.
fraud and error in the recognition of interest income.
• Reviewed transfer of interests to income account in line
Accordingly, this has been considered a key audit
with the Bangladesh Bank’s guidelines and circulars;
matter. At year-end the Group and the Bank reported
• Reviewed the grounds for approval for the transfer of
gross interest income of BDT 58,735 million (2022:
interest to the income account.
BDT 43,750 million) and BDT 56,841 million (2022: BDT
42,920 million) respectively.
See note no. 21 to the financial statements
Valuation of treasury bills and treasury bonds

The classification and measurement of T-Bill and We assessed the processes and controls put in place by the
T-Bond require judgment and complex estimates. Group and the Bank to identify and confirm the existence of
financial instruments. We obtained an understanding, evaluated
In the absence of a quoted price in an active market, the design, and tested the operating effectiveness of the key
the fair value of T-Bills and T-Bonds is determined controls over the financial instrument valuation processes,
using complex valuation techniques which may take including controls over market data inputs into valuation
into consideration direct or indirect unobservable models, model governance, and valuation adjustments.
market data and complex pricing models which
require an elevated level of judgment. We tested a sample of the valuation models and the inputs
used in those models, using a variety of techniques, including
HTM securities which have not matured as at the comparing inputs to available market data.
balance sheet date are amortised at the year end
and changes in amortisation are recognised in other Furthermore, we have checked Bank’s treatment of new
reserves as a part of equity. However, as per DOS circular related to MTM of HTM as per DOS Circular Letter
circular letter no. 27, dated 04 December 2023, No. 27, dated 4 December 2023.
amortization on HTM securities can be taken into
profit and loss account before maturity. Finally assessed the appropriateness and presentation of
disclosures against relevant accounting standards and
See notes no. 6 and 17.1 to the financial statements
Measurement of income tax provision and deferred tax assets

The Group and the Bank have recognized deferred We obtained an understanding, evaluated the design, and
tax assets for the deductible temporary difference tested the operational effectiveness of the Group’s and the
that it believes are recoverable. In addition, income Bank’s key controls over the recognition and measurement
tax provision for current and prior periods have been of Deferred Tax Assets (DTAs) and the assumptions used in
recognized as liabilities and the amount of income tax estimating the Group’s and the Bank’s future taxable income.
already paid/deducted are recognized in the balance
sheet under ‘Other Assets’. We also assessed the completeness and accuracy of the
data used for the estimations of future taxable income.
There are many unsettled income tax assessments where
management has used judgement to determine tax liabilities We involved tax specialists to assess key assumptions,
as well as carry forward balance of advance income tax. controls, recognition, and measurement of DTA’s as well as
The recoverability of recognized deferred tax assets is in part advance income tax and tax deducted at source recognized
dependent on the Bank's ability to generate future taxable profits under ‘Other Assets’.
sufficient to utilize deductible temporary differences.
Finally, we assessed the appropriateness and presentation of
We have determined this to be a key audit matter, due to the disclosures against IAS 12: Income Tax.
inherent uncertainty in forecasting the amount and timing of
future taxable profits and the reversal of temporary differences
where significant judgement is involved.
As of 31 December 2023, the Group and the Bank report
net deferred tax assets to total BDT 19,859 million (2022:
22,984 million) and BDT 19,851 million (2022: 22,978 million)
respectively. and income tax deducted at source and advance
payment of income tax to total BDT 31,515 million (2022:
28,953) and BDT 8,976 million (2022: 8,776) respectively.
Significant judgment is required in relation to deferred tax
assets as their recoverability is dependent on forecasts of
future profitability over a number of years.
See note no. 9.08.01 to the financial statements.

Carrying value of investments in subsidiaries and associates by the Bank
The Bank has invested in equity shares of its subsidiaries namely We have reviewed management’s analysis of
Sonali Exchange Co. Inc. USA, Sonali Investment Limited, impairment assessment and recoverable value
Sonali Pay (UK) Limited, Sonali Bangladesh (UK) Limited, and an calculation of subsidiaries in accordance with
associate namely Sonali Intellect Limited. As at 31 December 2023, IAS 36: Impairment of Assets.
the carrying values of these investments in Sonali Exchange Co.
Inc. USA is BDT 104.50 million (2022: BDT 98.13 million), Sonali With the investment recognition criteria as
Investment Limited is BDT 2,000 million (2022: BDT 2,000 per IAS 28: Investments in Associates and
million), Sonali Bangladesh (UK) Limited is BDT 4,100 million Joint Ventures, we reviewed the activities and
(2022: BDT 3,623 million), Sonali Intellect Limited is BDT 26.25 investments in the associate company as per the
million (2022: BDT 26.25 million) and Sonali Pay (UK) Limited is documentation provided by the management.
BDT 131.69 million (2022: BDT 0). In particular, our discussions with the
The Bank is required to perform an impairment test of investment Management were focused on the continued
in subsidiaries when an impairment indication exists. The appropriateness of the value in use model, the
impairment testing is considered to be a key audit matter due key assumption used in the model, and the
to the complexity and judgements required in determining the reasonably possible alternative assumptions,
assumptions to be used to estimate the recoverable amount particularly where they had the most impact on
which is higher of fair value less costs to sell and value in use. the value in use calculation.
Management has conducted an impairment assessment and

calculated the recoverable value of its subsidiaries for Sonali
Exchange Co. Inc. USA, Sonali Investment Limited, Sonali
Bangladesh (UK) Limited., Sonali Pay (UK) Limited and associate
namely Sonali Intellect Limited in accordance with IAS 36:
Impairment of Assets.
See note no. 9.01 to the financial statements.
Legal and regulatory matters

We focused on this area because the Bank and its subsidiaries We obtained an understanding, evaluated the
(the “Group”) operate in a legal and regulatory environment that design, and tested the operational effectiveness
is exposed to significant litigation and similar risks arising from of the Group’s key controls over the legal
disputes and regulatory proceedings. Such matters are subject to provision and contingencies process.
many uncertainties and the outcome may be difficult to predict.
We enquired to those charged with governance
These uncertainties inherently affect the amount and timing of to obtain their view on the status of all significant
potential outflows with respect to the provisions which have been litigation and regulatory matters. We enquired
established and other contingent liabilities. of the Group’s internal legal counsel for all
significant litigation and regulatory matters and
Overall, the legal provision represents the Group’s best estimate inspected internal notes and reports. We also
for existing legal matters that have a probable and estimable received formal confirmations from external
impact on the Group’s financial position. counsel.
We assessed the methodologies on which the
provision amounts are based, recalculated the
provisions, and tested the completeness and
accuracy of the underlying information.
We also assessed the Group’s and the bank’s
provisions and contingent liabilities disclosure.
IT systems and controls
We tested the design and operating effectiveness of the Group’s and
Our audit procedures have a focus on IT the Bank’s IT access controls over the information systems that are
systems and controls due to the pervasive critical to financial reporting. We tested IT general controls (logical
nature and complexity of the IT environment, access, change management, and aspects of IT operational controls).
the large volume of transactions processed
This included testing that requests for access to systems were
in numerous locations daily, and the reliance
on automated and IT dependent manual appropriately reviewed and authorized. We tested the Bank’s periodic
controls. review of access rights. We inspected requests of changes to systems
for appropriate approval and authorization. We considered the
Our areas of audit focus included user control environment relating to various interfaces, configurations,
access management, developer access to and other application layer controls identified as key to our audit.
the production environment, and changes
to the IT environment. These are key to Where deficiencies were identified, we tested compensating controls or
ensuring IT dependent and application- performed alternate procedures. In addition, we understood where relevant,
based controls are operating effectively. changes were made to the IT landscape during the audit period and tested
those changes that had a significant impact on financial reporting.

SONALI BANK PLC
Other Information Auditors’ Responsibilities for the Audit of the

Consolidated and Separate financial statements
Management is responsible for the other information.
The other information comprises all of the information Our objectives are to obtain reasonable assurance
in the Annual Report other than the consolidated and about whether the consolidated and separate
separate financial statements and our auditors’ report financial statements as a whole are free from material
thereon. The Annual Report is expected to be made misstatement, whether due to fraud or error, and to issue
available to us after the date of this auditors’ report. an auditors’ report that includes our opinion. Reasonable
assurance is a high level of assurance, but is not a
Our opinion on the consolidated and separate financial guarantee that an audit conducted in accordance with
statements does not cover the other information and ISAs will always detect a material misstatement when it
we do not express any form of assurance conclusion exists. Misstatements can arise from fraud or error and
thereon. are considered material if, individually or in the aggregate,
they could reasonably be expected to influence the
In connection with our audit of the financial statements,
economic decisions of users taken on the basis of these
our responsibility is to read the other information
consolidated and separate financial statements.
identified above when it becomes available and, in
doing so, consider whether the other information is As part of an audit in accordance with ISAs, we exercise
materially inconsistent with the financial statements, professional judgement and maintain professional
or our knowledge obtained in the audit or otherwise skepticism throughout the audit. We also:
appears to be materially misstated.
• Identify and assess the risks of material misstatement
When we read the annual report, if we conclude that of the consolidated and separate financial
there is a material misstatement therein, we are required statements, whether due to fraud or error, design
to communicate the matter to those charged with and perform audit procedures responsive to those
governance. risks, and obtain audit evidence that is sufficient
and appropriate to provide a basis for our opinion.
Responsibilities of Management and Those Charged
The risk of not detecting a material misstatement
with Governance for the Consolidated and Separate
resulting from fraud is higher than for one resulting
Financial Statements and Internal Controls
from error, as fraud may involve collusion, forgery,
intentional omissions, misrepresentations, or the
Management is responsible for the preparation and fair override of internal control.
presentation of the consolidated financial statements
of the Group and also separate financial statements • Obtain an understanding of internal control relevant
of the Bank in accordance with IFRSs as explained in to the audit in order to design audit procedures that
Note 2, and for such internal control as management are appropriate in the circumstances.
determines is necessary to enable the preparation of
consolidated and separate financial statements that are
free from material misstatement, whether due to fraud • Evaluate the appropriateness of accounting policies
or error. The Bank Company Act 1991 (as amended up used and the reasonableness of accounting
to date) and the Bangladesh Bank Regulations require estimates and related disclosures made by
the Management to ensure effective internal audit, management.
internal control, and risk management functions of the
Bank. The Management is also required to make a self- • Conclude on the appropriateness of management’s
assessment on the effectiveness of anti-fraud internal use of the going concern basis of accounting and,
controls and report to the Bangladesh Bank on instances based on the audit evidence obtained, whether
of fraud and forgeries. a material uncertainty exists related to events or
conditions that may cast significant doubt on the
In preparing the consolidated and separate financial Group’s and the Bank’s ability to continue as a going
statements, management is responsible for assessing concern. If we conclude that a material uncertainty
the Group’s and the Bank’s ability to continue as a exists, we are required to draw attention in our
going concern, disclosing, as applicable, matters related auditors’ report to the related disclosures in the
to going concern and using the going concern basis consolidated and separate financial statements or,
of accounting unless management either intends to if such disclosures are inadequate, to modify our
liquidate the Group and the Bank or to cease operations, opinion. Our conclusions are based on the audit
or has no realistic alternative but to do so. evidence obtained up to the date of our auditors’
report. However, future events or conditions may
Those charged with governance are responsible for
cause the Group and the Bank to cease to continue
overseeing the Group’s and the Bank’s financial reporting
as a going concern.
process.

• Evaluate the overall presentation, structure, and Bank on anti-fraud internal controls and instances
content of the consolidated and separate financial of fraud and forgeries as stated under the
statements, including the disclosures, and whether Management’s Responsibility for the financial
the consolidated and separate financial statements statements and internal control:
represent the underlying transactions and events in
a manner that achieves fair presentation. (a) internal audit, internal control, and risk
management arrangements of the Group
• Obtain sufficient appropriate audit evidence as disclosed in the financial statements
regarding the financial information of the entities or appeared to be materially adequate;
business activities within the Group to express an
opinion on the consolidated financial statements. (b) nothing has come to our attention regarding
We are responsible for the direction, supervision, material instances of forgery or irregularity or
and performance of the group audit. We remain administrative error and exception or anything
solely responsible for our audit opinion. detrimental committed by employees of the
Group and its related entities;
We communicate with those charged with governance
regarding, among other matters, the planned scope (iii) financial statements for the year ended
and timing of the audit and significant audit findings, 31 December 2023 of four (04) subsidiaries,
including any significant deficiencies in internal control namely Sonali Exchange Co. Inc. USA and Sonali
that we identify during our audit. Investment Ltd. have been audited by United
Financial CPA P.C., Certified Public Accountants
We also provide those charged with governance with and Mahfel Huq & Co., Chartered Accountants
a statement that we have complied with relevant respectively who have expressed unmodified
ethical requirements regarding independence, and to audit opinions and Sonali Bangladesh (UK)
communicate with them all relationships and other Limited. And Sonali Pay (UK) Limited remained
matters that may reasonably be thought to bear on our unaudited. The results of the subsidiaries have
independence, and where applicable, related safeguards. been properly reflected in the consolidated
financial statements;
From the matters communicated with those charged
with governance, we determine those matters that were (iv) in our opinion, proper books of accounts as
of most significance in the audit of the consolidated and required by law have been kept by the Group
separate financial statements of the current period and and the Bank so far as it appeared from our
are therefore the key audit matters. We describe these examination of those books;
matters in our auditors’ report unless law or regulation
precludes public disclosure about the matter or when, (v) the records and statements submitted by the
in extremely rare circumstances, we determine that branches have been properly maintained and
a matter should not be communicated in our report consolidated in the financial statements;
because the adverse consequences of doing so would (vi) the consolidated balance sheet and consolidated
reasonably be expected to outweigh the public interest profit and loss account together with the annexed
benefits of such communication. notes dealt with by the report are in agreement
with the books of account and returns;
Report on other Legal and Regulatory Requirements
(vii) the expenditures incurred were for the purpose
In accordance with the Companies Act 1994 (as of the Bank’s business for the year;
amended up to date), the Securities and Exchange Rules
(viii) the consolidated financial statements of the
2020, the Bank Company Act 1991 (as amended up to
Group and the separate financial statements
date), the Financial Reporting Act 2015, and the rules
of the Bank have been drawn up in conformity
and regulations issued by Bangladesh Bank, we also
with prevailing rules, regulations, and accounting
report that:
standards as well as related guidance issued by
(i) we have obtained all the information and Bangladesh Bank;
explanations which to the best of our knowledge
(ix) adequate provisions have been maintained for
and belief were necessary for the purpose of our
loans and advances which are in our opinion,
audit and made due verification thereof;
doubtful of recovery as per letters DBI-
(ii) to the extent noted during the course of our 1(posha-1)/2105/2024-534, dated 28 April 2024
audit work performed on the basis stated under and DOS(CAMS)1157/41(Dividend)/2024-1840,
the Auditors’ Responsibility section in forming dated 30 April 2024 issued by Bangladesh
the above opinion on the consolidated financial Bank.
statements of the Group and the separate
(x) the information and explanations required by us
financial statements of the Bank and considering
have been received and found satisfactory;
the reports of the Management to Bangladesh

SONALI BANK PLC
(xi) we have reviewed over 80% of the risk-weighted has been maintained as per letter
assets of the Bank covering 60 branches as well DOS(CAMS)1157/41(Dividend)/2024-1840 dated
as Head Office and spent over 12,800 person- 30 April 2024 issued by Bangladesh Bank.
hours for the audit of the bank; and
(xii) Capital to Risk-weighted Asset Ratio

(CRAR) as required by Bangladesh Bank
Signed for & on behalf of Signed for & on behalf of

Sabbir Ahmed, FCA Muhammad Farooq, FCA

Partner Managing Partner
ICAB Enrolment No.: 0770 ICAB Enrolment No.: 0521
DVC No.: 2405050770AS892113 DVC No.: 2405050521AS774444
Date: 30 April 2024

Place: Dhaka

SONALI BANK PLC AND ITS SUBSIDIARIES
Consolidated Balance Sheet
As at 31 December 2023
2023 2022
Particulars Notes
Taka Taka
PROPERTY AND ASSETS 3.00
Cash
Cash in Hand (Including Foreign Currencies) 10,010,552,936 9,961,709,956
Balance with Bangladesh Bank and its agent Bank(s)
102,942,238,504 80,274,430,747
(Including Foreign Currencies)
112,952,791,440 90,236,140,703
Balance with other Banks & Financial Institutions 4.00
In Bangladesh 33,772,238,662 32,500,902,190
Outside Bangladesh 8,134,251,730 6,045,912,778
41,906,490,392 38,546,814,968
Money at Call on Short Notice 5.00 18,294,193,123 3,255,092,645
Investments 6.00
Government 571,733,542,209 555,029,815,556
Others 54,610,633,498 61,965,820,412
626,344,175,707 616,995,635,968
Loans and Advances 7.00
Loans, Cash Credit, Overdrafts etc. 998,831,882,668 838,709,996,747
Bills Purchased and Discounted 25,162,590,594 27,328,197,325
1,023,994,473,262 866,038,194,071
Fixed Asset including Premises, Furniture and Fixture 8.00 34,646,379,478 34,126,975,047
Other Assets 9.00 133,285,682,602 152,216,683,783
Non-Banking Assets 10.00 42,765,706 41,038,796
Total Assets 1,991,466,951,710 1,801,456,575,981
LIABILITIES AND CAPITAL
Liabilities
Borrowing from other Banks, Financial Institutions & Agents 11.00 19,492,226,397 5,706,268,165
Deposits and Other Accounts 12.00
Current Accounts and Other Accounts 249,444,001,634 244,134,571,996
Bills Payable 13,549,022,870 14,817,246,120
Savings Bank Deposits 636,606,889,386 587,362,193,073
Fixed Deposits 606,332,995,685 573,800,970,173
Other Deposits 130,446,594 100,133,935
1,506,063,356,169 1,420,215,115,296
Other Liabilities 13.00 372,932,637,077 289,153,600,579
Total Liabilities 1,898,488,219,643 1,715,074,984,041
Shareholders' Equity
Paid-up Capital 14.00 45,300,000,000 45,300,000,000
Statutory Reserve 15.00 18,093,248,941 16,022,482,465
Other Reserve 16.00 1,054,964,212 250,132,274
Revaluation Reserve 17.00 23,696,386,963 24,895,027,235
Surplus in Profit and Loss Account/Retained Earnings 18.00 (168,724,906) (4,264,333,102)
Non-Controlling Interest 18.(a) 5,002,856,856 4,178,283,068
92,978,732,067 86,381,591,939
Total Liabilities and Shareholders' Equity 1,991,466,951,710 1,801,456,575,981

SONALI BANK PLC

Consolidated Balance Sheet
2023 2022
Particulars Notes
Taka Taka
Off Balance Sheet Items
Contingent Liabilities 19.00
Acceptances and Endorsements
Letters of Guarantee 4,323,834,120 5,510,476,047
Irrevocable Letters of Credit 745,583,558,204 752,557,172,062
Bills for Collection 5,271,249,377 8,810,721,770
Other Contingent Liabilities 1,718,250,378 -
756,896,892,079 766,878,369,879
Other Commitments
Documentary credits and short term trade related transactions - -
Forward asset purchased and forward deposit placed - -
Undrawn note issuance and revolving underwriting facilities - -
Undrawn formal standby facilities, credit lines and other commitments - -
- -
Total Off Balance Sheet Items including Contingent Liabilities 756,896,892,079 766,878,369,879
Consolidated Net Asset Value (NAV) per share 205.25 190.69
The annexed notes from 1 to 48 form an integral part of these consolidated financial statements.
Md. Iqbal Hossain ACMA, CFA, FRM Md. Afzal Karim

Chief Financial Officer Chief Executive Officer
Gopal Chandra Ghosh FCA, FCMA, CPA(Aus.) A.B.M Ruhul Azad

Director Ziaul Hasan Siddiqui Director
Chairman
This is the consolidated balance sheet referred to in our separate report of even date.


ICAB Enrollment No: 0770 ICAB Enrollment No: 0521
DVC:2405050770AS892113 DVC:2405050521AS774444
Date: 30 April 2024
Place: Dhaka, Bangladesh

Consolidated Profit and Loss Account
For the year ended 31 December 2023
2023 2022
Particulars Notes
Taka Taka
Operating Income
Interest income 21.00 58,735,535,906 43,750,245,779
Interest paid on deposit and borrowing etc. 22.00 (52,764,542,441) (41,097,510,586)
Net Interest Income 5,970,993,465 2,652,735,193
Investment income 23.00 45,988,291,568 31,858,863,305
Commission, exchange and brokerage 24.00 17,457,824,470 16,897,382,947
Other operating income 25.00 356,916,177 288,708,596
63,803,032,215 49,044,954,848
Total Operating Income (A) 69,774,025,681 51,697,690,041
Operating Expenses
Salary and allowances 26.00 22,247,412,008 20,139,674,077
Rent, tax, insurance, electricity etc. 27.00 1,781,118,799 1,420,064,702
Legal expenses 28.00 84,377,116 88,804,100
Postage, stamps and telecommunication etc. 29.00 57,169,243 53,399,578
Stationery, printings, advertisements etc. 30.00 244,793,575 204,729,342
Chief Executive's salary and fees 31.00 24,740,155 20,931,298
Directors' fees 32.00 20,641,680 21,085,609
Auditors' fees 33.00 37,279,831 46,744,291
Depreciation and repair of bank's assets 34.00 1,033,779,349 1,082,948,619
Other expenses 35.00 4,775,091,795 4,351,863,105
Total Operating Expenses (B) 30,306,403,551 27,430,244,721
Profit/Loss before Provision (C=A-B) 39,467,622,130 24,267,445,320
Provision for loans & advances 36.00 18,578,320,093 9,228,977,909
Provision for diminution in value of investment 37.00 542,123,016 1,275,456,080
Other Provisions 38.00 9,008,599,030 5,937,512,402
Total Provision (D) 28,129,042,139 16,441,946,391
Total Profit/(Loss) before Taxes (E =C-D) 11,338,579,991 7,825,498,929
Provision for Taxation (F) 3,864,074,311 3,743,716,569
Current tax 13.06 738,908,903 640,499,609
Deferred tax 9.08.01 3,125,165,408 3,103,216,960
Net Profit after Taxation (G=E-F) 7,474,505,680 4,081,782,360

Net Profit Attributable to:
Equity holders of Sonali Bank PLC 7,061,011,275 3,993,142,338
Non-Controlling Interest 413,494,405 88,640,022

SONALI BANK PLC

Consolidated Profit and Loss Account
2023 2022
Particulars Notes
Taka Taka
Appropriation:
General Reserve :
Reserve for CSR 16.02 150,000,000 50,000,000
Start-Up Fund 16.03 65,147,953 37,104,243
Reserve for Unwanted Risk arising from Vault - -
Others 1,105,228,085 17,525,918
3,391,142,514 1,580,015,986
Retained Surplus Carried Forward 4,083,363,166 2,501,766,374
7,474,505,680 4,081,782,360
Consolidated Earnings Per Share (EPS) 44.00 16.50 9.01


Chairman


DVC:2405050770AS892113 DVC:2405050521AS774444
Date: 30 April 2024


Consolidated Cash Flow Statement
2023 2022
Particulars Notes
Taka Taka
A. Cash flows from operating activities
Interest receipts in cash 102,432,473,749 75,479,303,657
Interest payments (53,032,797,504) (41,297,240,734)
Dividends receipts 469,131,764 676,875,309
Fee and commission and exchange receipts in cash 13,596,012,764 12,671,956,610
Recoveries of Loans previously written off 608,011,676 1,060,202,557
Cash payments to employees (22,272,155,658) (20,160,605,375)
Cash payments to Suppliers (301,962,818) (258,128,921)
Income taxes paid (2,762,685,372) (3,245,592,499)
Cash receipts from other operating activities 39.00 356,916,177 288,708,596
Cash payments for other operating activities 40.00 (6,477,679,515) (6,051,493,190)
Cash generated from operating activities before
32,615,265,263 19,163,986,010
changes in operating assets and liabilities
Changes in operating assets and liabilities
Loans & advances to customers (157,956,279,191) (161,761,213,518)
Other assets 41.00 19,214,566,541 9,428,736,300
Deposits from other banks 500,539,153 (14,195,189,061)
Deposits from customers 85,347,701,719 83,912,135,803
Other liabilities 42.00 54,644,643,888 (7,746,044,074)
1,751,172,111 (90,361,574,550)
Net cash flow from operating activities 34,366,437,374 (71,197,588,540)
B. Cash flows from investing activities
Purchase/Sale of securities & bond (10,135,148,473) 70,184,776,596
(Purchase)/sale of fixed assets (1,335,517,979) (1,140,578,322)
Net cash generated from/used in investing activities (11,470,666,452) 69,044,198,274
C. Cash flows from financing activities
Proceed from share issue - -
Receipts from issue of/Payments for redemption of
13,785,958,232 2,755,101,687
loan capital & debt security
Dividends paid - -
Net cash flow from/(used in) financing activities 13,785,958,232 2,755,101,687
D. Net increase/(decrease) in cash and cash equivalents (A+B+C) 36,681,729,153 601,711,421
E. Effects of exchange rate changes on cash & cash equivalent 4,462,137,085 5,871,846,036
F. Cash and cash equivalents at beginning of the year 132,093,743,416 125,620,185,959
G. Cash and cash equivalents at end of the year 43.00 173,237,609,655 132,093,743,416
Net operating cash flows per share 75.86 (157.17)


Date: 30 April 2024 Chairman

226
Consolidated Statement of Changes in Equity
(Amount in Taka)
Non-Controlling
Statutory Asset Revaluation Revaluation of Retained
Particulars Paid up-Capital Other Reserve Interest of SB Total Equity
SONALI BANK PLC
Reserve Reserve Investment Earnings

(UK) Ltd.
Balance as at 01 January 2023 45,300,000,000 16,022,482,465 250,132,274 21,495,933,277 3,399,093,959 4,178,283,068 (4,264,333,102) 86,381,591,941
Surplus/(deficit) on account of revaluation
- - - - (1,198,640,271) - - (1,198,640,271)
of HTM and HFT Securities
ANNUAL REPORT 2023

Net Profit for the Year - - - - - - 7,474,505,680 7,474,505,680
Non-Controling Interest of SB (UK) Ltd.
- - - - - 413,494,405 (413,494,405) -
during the year
Adjustment made for CSR during the year - - (61,500,847) - - - - (61,500,847)
Transferred to Reserve for CSR - - 150,000,000 - - - (150,000,000) -
Transferred to Reserve of SB (UK) Ltd. - - 226,746,808 - - - (191,270,741) 35,476,067
Transferred to Reserve of SP (UK) Ltd. - - 9,067,100 - - - - 9,067,100
Transferred to Reserve of SECI - - 22,000,000 - - - - 22,000,000
Prior Period Adjustment of SECI - - - - - - 3,495,030 3,495,030
Transferred to Reserve of SIL - - 289,000,000 - - - - 289,000,000
Transferred to Statutory Reserve - 2,070,766,476 - - - - (2,070,766,476) -
Transfer to Start-Up Fund - - 169,518,878 - - - (65,147,953) 104,370,925
Currency Conversion differences - - - - - - (369,662,939) (369,662,939)
Reversal of Specific Provision of Non-
- - - - - - 8,750,000 8,750,000
Banking assets
Adjustment for Investment in SB (UK) Ltd. - - - - - 411,079,383 411,079,383
Inter Company Balance Eliminated for
- - - - - - (130,800,000) (130,800,000)
Cash Dividend (SIL)
Balance as at 31 December 2023 45,300,000,000 18,093,248,941 1,054,964,212 21,495,933,277 2,200,453,688 5,002,856,856 (168,724,906) 92,978,732,067
Balance as at 31 December 2022 45,300,000,000 16,022,482,465 250,132,274 21,495,933,277 3,399,093,959 4,178,283,068 (4,264,333,102) 86,381,591,941
Md. Afzal Karim

Md. Iqbal Hossain ACMA, CFA, FRM Chief Executive Officer
Chief Financial Officer
A.B.M Ruhul Azad

Gopal Chandra Ghosh FCA, FCMA, CPA(Aus.) Ziaul Hasan Siddiqui
Director
Director Chairman
Date: 30 April 2024
SONALI BANK PLC
Balance Sheet
2023 2022
Particulars Notes
Taka Taka
PROPERTY AND ASSETS 3.00

Cash
Cash in Hand (Including Foreign Currencies) 9,939,498,217 9,842,626,905
Balance with Bangladesh Bank and its agent Bank(s)
102,942,238,504 80,274,430,747
(Including Foreign Currencies)
112,881,736,721 90,117,057,652
Balance with other Banks & Financial Institutions 4.00
In Bangladesh 33,772,238,317 32,500,901,850
Outside Bangladesh 14,164,637,071 5,650,468,281
47,936,875,388 38,151,370,131
Money at Call on Short Notice 5.00 15,217,100,000 2,808,200,000
Investments 6.00
Government 571,733,542,069 555,025,215,511
Others 51,807,590,613 66,247,357,715
623,541,132,682 621,272,573,226
Loans and Advances 7.00
Loans, Cash Credit, Overdrafts, etc. 999,493,962,338 837,639,094,517
Bills Purchased and Discounted 8,558,715,394 8,791,140,395
1,008,052,677,732 846,430,234,911
Fixed Asset including Premises, Furniture and Fixture 8.00 34,401,988,666 33,931,888,066
Other Assets 9.00 139,055,384,820 157,019,924,698
Non-Banking Assets 10.00. 42,765,706 41,038,796
Total Assets 1,981,129,661,716 1,789,772,287,480
Liabilities
Borrowing from other Banks, Financial Institutions & Agents 11.00 17,009,475,183 439,400,183
Deposit and Other Accounts 12.00
Current Accounts and Other Accounts 249,564,577,197 244,282,387,948
Bills Payable 13,549,022,870 14,817,246,120
Savings Bank Deposits 636,606,889,386 587,362,193,073
Fixed Deposits 606,332,995,685 573,800,970,173
Other Deposits 130,446,594 100,133,935
1,506,183,931,731 1,420,362,931,248
Other Liabilities 13.00 371,377,219,468 287,778,695,826
Total Liabilities 1,894,570,626,383 1,708,581,027,257
Paid-up Capital 14.00 45,300,000,000 45,300,000,000
Others Reserve 16.00 437,403,009 179,384,978
Revaluation Reserve 17.00 23,696,386,963 24,895,027,235
Surplus in Profit and Loss Account/Retained Earnings 18.00 (968,003,580) (5,205,634,456)
86,559,035,333 81,191,260,222
Total Liabilities and Shareholders' Equity 1,981,129,661,716 1,789,772,287,480

SONALI BANK PLC
SONALI BANK PLC

Balance Sheet
2023 2022
Particulars Notes
Taka Taka
Off Balance Sheet Items
Contingent Liabilities 19.00
Letters of Guarantee 4,323,834,120 5,510,476,047
Irrevocable Letters of Credit 745,583,558,204 752,557,172,062
Bills for Collection 5,271,249,377 8,810,721,770
Other Contingent Liabilities 1,718,250,378 -
756,896,892,079 766,878,369,879
Other Commitments
Forward assets purchased and forward deposits placed - -
- -
Total Off Balance Sheet items including contingent liabilities 756,896,892,079 766,878,369,879
Net Asset Value (NAV) per share 191.08 179.23


Chairman


DVC:2405050770AS892113 DVC:2405050521AS774444
Date: 30 April 2024


SONALI BANK PLC
Profit and Loss Account
2023 2022
Particulars Notes
Taka Taka
Operating Income
Interest income 21.00 56,841,916,662 42,920,887,860

Interest paid on deposit and borrowing etc. 22.00 (52,083,249,260) (40,831,453,313)
Net Interest Income 4,758,667,402 2,089,434,546
Investment income 23.00 45,794,880,461 31,638,742,551
Commission, exchange and brokerage 24.00 16,782,868,632 16,480,486,814
Other operating income 25.00 301,883,682 261,611,535
62,879,632,776 48,380,840,900
Total Operating Income (A) 67,638,300,178 50,470,275,447
Operating Expenses
Salary and allowances 26.00 21,841,957,038 19,793,374,678

Rent, tax, insurance, electricity etc. 27.00 1,449,140,696 1,342,489,865
Legal expenses 28.00 56,249,528 24,440,907
Postage, stamps and telecommunication etc. 29.00 46,549,853 45,419,973
Stationery, printings, advertisements etc. 30.00 226,726,896 196,487,371
Chief Executive's salary and fees 31.00 9,181,346 9,869,232
Directors' fees 32.00 4,879,600 4,950,090
Auditors' fees 33.00 5,493,994 6,105,786
Depreciation and repair of bank's assets 34.00 1,013,032,502 1,070,663,517
Other expenses 35.00 4,523,209,408 4,153,408,427
Total Operating Expenses (B) 29,176,420,862 26,647,209,845
Profit/Loss before Provision (C=A-B) 38,461,879,316 23,823,065,601
Provision for loans & advances 36.00 18,557,324,890 9,234,167,996
Provision for diminution in value of investment 37.00 542,123,016 1,275,456,080
Other provisions 38.00 9,008,599,030 5,936,512,402
Total Provision (D) 28,108,046,936 16,446,136,478
Total Profit/(Loss) before Taxes (E=C-D) 10,353,832,380 7,376,929,123
Provision for Taxation (F) 3,839,037,075 3,666,504,805
Current tax 13.06 712,875,418 566,066,371
Deferred tax 9.08.01 3,126,161,657 3,100,438,434
Net Profit after Taxation (G=E-F) 6,514,795,305 3,710,424,318

SONALI BANK PLC
SONALI BANK PLC

2023 2022
Particulars Notes
Taka Taka
Appropriations
General Reserve :
Reserve for CSR 16.02 150,000,000 50,000,000
Start-Up Fund 16.03 65,147,953 37,104,243
Reserve for Unwanted Risk arising from Vault - -
2,285,914,429 1,562,490,068
Retained Surplus Carried Forward 4,228,880,876 2,147,934,250
Earnings Per Share (EPS) 44.00 14.38 8.19


Chairman


DVC:2405050770AS892113 DVC:2405050521AS774444
Date: 30 April 2024


SONALI BANK PLC
Cash Flow Statement
2023 2022
Particulars Notes
Taka Taka
A. Cash flows from operating activities

Interest receipts in cash 100,394,161,677 74,459,842,939
Interest payments (52,351,504,323) (41,031,183,461)
Dividends receipts 420,413,486 646,857,353
Fee and commission and exchange receipts in cash 13,219,505,124 12,255,060,477
Recoveries of Loans previously written off 608,011,676 1,060,202,557
Cash payments to employees (21,851,141,880) (19,939,810,818)
Cash payments to Suppliers (273,276,750) (229,045,793)
Income taxes paid (2,762,685,372) (3,177,353,475)
Cash receipts from other operating activities 39 301,883,682 261,611,535
Cash payments for other operating activities 40 (6,257,531,540) (5,549,830,432)
Cash generated from operating activities before
31,447,835,780 18,756,350,882
changes in operating assets and liabilities
Increase/(decrease) in operating assets and liabilities
Loans & advances to customers (161,622,442,821) (155,833,380,972)
Other assets 41 18,214,948,499 9,779,690,155
Deposits from other banks 500,539,153 (14,195,189,061)
Deposits from customers 85,320,461,330 83,742,247,078
Other liabilities 42 55,045,856,351 (7,784,096,685)
(2,540,637,487) (84,290,729,485)
Net cash flow from operating activities 28,907,198,293 (65,534,378,603)
B. Cash flows from investing activities
Purchase/Sale of securities & bond (3,388,866,960) 67,586,826,865
(Purchase)/sale of fixed assets (1,264,571,294) (1,071,130,814)
Net cash generated from/(used in) investing activities (4,653,438,254) 66,515,696,051
C. Cash flows from financing activities
Proceed from share issue - -
Receipts from issue of/Payments for redemption of
16,570,075,000 (54,925,000)
loan capital & debt security
Dividends paid - -
Net cash flow from/(used in) financing activities 16,570,075,000 (54,925,000)
D. Net increase/(decrease) in cash and cash equivalents (A+B+C) 40,823,835,039 926,392,448
E. Effects of exchange rate changes on cash & cash equivalent 24.2.1 4,163,688,888 5,874,721,986
F. Cash and cash equivalents at beginning of the year 131,132,322,883 124,331,208,450
G. Cash and cash equivalents at end of the year 43 176,119,846,810 131,132,322,883
Net operating cash flows per share 63.81 (144.67)


Chairman
Date: 30 April 2024

232
SONALI BANK PLC
Statement of Changes in Equity
(Amount in Taka)
Statutory Asset Revaluation Revaluation of Retained
Particulars Paid up Capital Others Reserve Total Equity
Reserve Reserve Investment Earnings
SONALI BANK PLC
Balance as at 01 January 2023 45,300,000,000 16,022,482,465 179,384,978 21,495,933,277 3,399,093,958 (5,205,634,456) 81,191,260,222
Surplus/(deficit) on account of
revaluation of HTM and HFT - - - - (1,198,640,271) - (1,198,640,271)
ANNUAL REPORT 2023

Securities
Net Profit for the Year - - - - - 6,514,795,305 6,514,795,305
Adjustments made for CSR
- (61,500,847) - - - (61,500,847)
during the year
Transferred to Reserve for CSR - - 150,000,000 - - (150,000,000) -
Transferred to Statutory
- 2,070,766,476 - - - (2,070,766,476) -
Reserve
Reversal of Specific Provision
- - - - - 8,750,000 8,750,000
of Non-Banking assets
Start-Up Fund - - 104,370,925 - - - 104,370,925
Transfer to Start-Up Fund - - 65,147,953 - - (65,147,953) -
Balance as at 31 December 2023 45,300,000,000 18,093,248,941 437,403,009 21,495,933,277 2,200,453,686 (968,003,580) 86,559,035,333
Balance as at 31 December 2022 45,300,000,000 16,022,482,465 179,384,978 21,495,933,277 3,399,093,958 (5,205,634,456) 81,191,260,222
N.B. Concidering the purpose of coushioning unexpected risk of Start-Up finance, Start-Up Fund is shown in Equity. This was shown in Other Liability upto 2022.


Chairman
Date: 30 April 2024
SONALI BANK PLC
Liquidity Statement (Asset and Liability Maturity Analysis)
(Amount in Taka)
Up to 01 month 1-3 months 3-12 months 1-5 years More than 5

Particulars Total
maturity maturity maturity maturity years maturity
Assets
Cash in hand 53,179,390,021 59,702,346,700 112,881,736,721
Balance with other banks and financial institutions - 10,759,000,000 4,508,750,021 5,270,430,934 27,398,694,433 47,936,875,388
Money at call on short notice 15,217,100,000 - - - - 15,217,100,000
Investments 7,497,742,500 45,087,761,461 97,766,000,544 259,617,410,204 213,572,217,973 623,541,132,682
Loans and Advances 94,888,401,990 90,876,048,899 294,134,895,651 184,725,422,733 343,427,908,459 1,008,052,677,732
Fixed assets including premises, furniture and fixtures 103,493,713 268,439,467 808,432,969 5,936,997,211 27,284,625,307 34,401,988,666
Other assets 12,860,466,667 25,720,933,333 11,245,200,000 5,716,971,454 83,511,813,367 139,055,384,820
Non-banking assets - - - - 42,765,706 42,765,706
Total Assets 183,746,594,891 172,712,183,161 408,463,279,184 461,267,232,536 754,940,371,944 1,981,129,661,716
Liabilities
Borrowings from Bangladesh Bank, other banks
16,625,000,000 - 54,905,000 274,525,000 55,045,183 17,009,475,183
financial institutions and agents
Deposits 880,899,996,274 238,889,617,601 170,071,418,554 117,497,074,448 98,825,824,855 1,506,183,931,731
Other accounts - - - - - -
Provision and other liabilities 1,110,593,963 2,967,788,902 11,238,936,595 28,022,452,808 328,037,447,200 371,377,219,468
Total Liabilities 898,635,590,237 241,857,406,503 181,365,260,149 145,794,052,256 426,918,317,239 1,894,570,626,383
Net Liquidity Gap (714,888,995,346) (69,145,223,342) 227,098,019,035 315,473,180,280 328,022,054,705 86,559,035,333
Current and savings deposits do not have any contractual maturity and hence have been classified among all five maturities. Further, it has been assumed that on a going
concern basis, these deposits are not expected to fall below the current year’s level.
The annexed notes from 1 to 48 form an integral part of these financial statements.

ANNUAL REPORT 2023

233
Chairman
Date: 30 April 2024
SONALI BANK PLC

Notes to the consolidated and separate financial statements
As at and for the year ended 31 December 2023
1.00 Corporate profile of the Bank and its activities
1.01 Legal status and nature of the reporting entity
Sonali Bank PLC ("the Bank" or "SBPLC"), a state owned largest commercial Bank, was incorporated in
Bangladesh on 03 June 2007 in the name "Sonali Bank Limited" as a public limited company under the
Companies Act, 1994 and is governed by the Bank-Company Act, 1991 (amended to date). The Bank’s
evolution and prominence in the financial sector have been shaped by its history of amalgamation of the
National Bank of Pakistan, Bank of Bahawalpur, and Premier Bank Limited as the erstwhile nationalized “Sonali
Bank” pursuant to Bangladesh Bank (Nationalization) order, 1972 (P.O. No. 26 of 1972) on a going concern
basis. The Bank took over the businesses, assets, liabilities, right, power, privilege and obligation of the Sonali
Bank through a vendor agreement signed between the Ministry of Finance, People's Republic of Bangladesh
on behalf of Sonali Bank and the Board of Directors on behalf of Sonali Bank PLC on 15 November 2007
with a retrospective effect from 1 July 2007. The Bank has 1,232 branches including two overseas branches at
Kolkata and Siliguri in India. The Bank has four subsidiaries and one associate company.
The registered office of Sonali Bank PLC is located at 35-42, 44 Motijheel Commercial Area, Dhaka-1000
and the website address is www.sonalibank.com.bd
1.01.01 Principal Activities of the Bank
The principal activities of the bank are vastly involved to provide a comprehensive range of financial
services:
a) Personal and commercial banking, including accepting deposits, remittance, money transfer, foreign
exchange transaction, guarantee, commitments, trade and services, cash management, treasury, securities,
etc. to its customers.
b) Fund based services include short term & long term loans, Project wise industrial credit, discounting and
purchasing bills, consumers and staff loans, House & car loans etc.
c) The Bank also provides custodian services and perform Government treasury functioning as an agent
of the Bangladesh Bank as well through its 735 branches (including 58 chest and 8 sub chest branches).
1.01.02 Islamic Banking Window

Sonali Bank PLC started banking business based on Islamic Shariah since 29 June 2010. The Islamic Banking
Windows are performing the banking activities through on-line banking through collection of deposit and
investment assistance. The bank operates 58 (Fifty Eight) Islamic Banking window in designated areas
complying the rules of Islamic Shariah.
Separate financial statement of Islamic Banking Window has been drawn up in the report.
1.02 Subsidiaries of the Bank
Sonali Bank PLC has 03 (Three) 100% owned subsidiaries named Sonali Exchange Co. Inc. (SECI), USA,
Sonali Investment Limited (SIL), Bangladesh, Sonali Pay (UK) Limiled (SPUK), and one 49% owned subsidiary
in control perspective named Sonali Bangladesh (UK) Limited.
1.02.01 Sonali Exchange Co. Inc. (SECI), USA
Sonali Exchange Co. Inc. (SECI) was incorporated on 4 April 1994 under the laws of the State of New
York, Department of State, licensed on 17 October 1994 by the State of New York Banking Department
and commenced operation as an International Money Remitter from 12 December 1994. The Company
is a wholly-owned subsidiary of Sonali Bank PLC which is also the Company’s ultimate holding company.
The principal activities of the Company are to carry on the remittance business and to undertake and
participate in any or all transactions, activities and operations commonly carried on or undertaken by
remittance and exchange house.
1.02.02 Sonali Investment Limited (SIL), Dhaka
Sonali Investment Limited was registered under the Company Act, 1994 as a Public Limited Company limited
by shares on 20 April 2010 and commenced its operation from 22 April 2010. The Company obtained
registration from the Bangladesh Securities and Exchange Commission as a merchant bank on 28 October 2010.
The Company is a wholly-owned subsidiary of Sonali Bank PLC which is also the Company’s ultimate holding
company. The principal activities of the company comprised of merchant banking, portfolio management,
issue management and underwriting and play active role in the Capital Market of Bangladesh .

1.02.03 Sonali Bangladesh (UK) Ltd.
A money remitting company under the name and style of Sonali Trade and Finance (UK) Limited was
incorporated as an associate under the UK Companies Act 1985 on 30 June 1999. Subsequently the
company was allowed to commence its function as a bank from 7 December 2001 (the operational
activities started on 10 December 2001) by the Financial Services Authority of UK and changed its name as
Sonali Bank (UK) Ltd. and restructured the ownership of the Company having 51% share capital in favor of
the Government of the People’s Republic of Bangladesh and remaining 49% by the Sonali Bank PLC. It was
considered as subsidiary in control perspective as per instruction of Bangladesh Bank from 2021.
Sonali bank (UK) Limited restructured as Sonali Bangladesh(UK) Limited and allowed to continue its Business
as a Trade Entity/FI, approved by Bangladesh Bank vide, BRPD(OBS) Letter no.204/01(2)/2023/3228,
Dated 27 April 2023.
1.02.04 Sonali Pay (UK) limited
Sonali Pay UK Limited is an Authorized Payment Institution (API) under the trading name Sonali Pay in the
UK. Sonali Pay is a 100% owned subsidiary of Sonali Bank PLC, Bangladesh. The company was initially
formed on 28th April 2022, with a view to becoming a standalone authorised remittance entity to provide
service for the UK based Bangladeshi Diaspora. Sonali Pay received its authorisation from Financial Conduct
Authority (FCA) on 15th June 2023 following a successful application with its own unique reference
number (FRN) 977519 which is listed on the FCA Financial Services Register.
Sonali Pay UK provides Remittance Services, including bank transfers to accounts in Bangladesh from the
UK. Beneficiaries also have the option to utilize cash pickup services at the 1230 branches of Sonali Bank
PLC across Bangladesh. Furthermore, customers can seamlessly send money to Bangladesh, directly to
bKash, Nagad and other MFS accounts from UK through the mobile app or web platform.
1.02.05 Accounting Policies of Subsidiaries
The Financial Statements of the subsidiaries have been prepared with consideration and measurement of
all assets, liabilities, income and expenses as well as regularised under Group accounting policies as Parent
Company follows.
IFRSs set out the conditions under which an entity qualifies as a parent undertaking which should prepare
consolidated financial statements for its group-the parent and its subsidiaries. In general an investor that
controls an investee entity is its parent and should account for that entity as a subsidiary. The bank has
complied the applicable IFRSs in preparing its separate and consolidated financial statements.
1.03 Associate
1.03.01 Sonali Intellect Limited
Sonali Intellect Limited was incorporated in Bangladesh as a private Limited company on 25 January 2012
under the Companies Act, 1994. The Company commenced its business operation on 01 February 2012.
The principal activities of the Company are to customize, enhance, modify, and implement Intellect
CBS 10.0 Software in the Banks. The Company also provides other services like initiation, development and
implementation of computer application systems, etc. relevant to the customer and any other business
undertakings. The ownership of the Company having 51% share capital in favor of Intellect Design Arena
Limited, India, 35% by Sonali Bank PLC, 10% by Bangladesh Commerce Bank Ltd and remaining 4% by
Panthosoft Limited.
2.00 Basis of preparation and significant accounting policies
2.01 Basis of preparation
The separate financial statements of the Bank as at and for the year ended 31 December 2023 comprise
those of its domestic office/branches and two overseas branches, and the consolidated financial
statements of the group comprise those of 'the Bank' (parent company) and its subsidiaries. Sonali Pay UK
Limited received its authorization from the Financial Conduct Authority (FCA) on 15th June 2023. There
were no significant changes in the nature of principal business activities of the Bank and the subsidiaries
during the financial year.
2.02 Statement of Compliance
The financial statements have been prepared on a going concern basis following accrual basis of
accounting in accordance with the "First Schedule (Section 38) of the Bank-Company Act, 1991 (amended
to date) and BRPD circular no. 14, dated 25 June 2003, BRPD circular no. 15, dated 9 November 2009,
other Bangladesh Bank Circulars, International Financial Reporting Standards (IFRSs) as adopted by the
Financial Reporting Council [FRC) under the Financial Reporting Act (FRAJ, 2015, Financial Accounting
Standards issued by the Accounting and Auditing Organization for Islamic Financial Institutions, Bahrain
etc. The Bank also complied with the following regulatory and legal requirements:

SONALI BANK PLC
i) The Bank-Company Act, 1991 (amended to date)

ii) The Companies Act, 1994
iii) Rules, regulations and circulars issued by the Bangladesh Bank from time to time
iv) Securities and Exchange Ordinance, 1969
v) Securities and Exchange Commission Rules, 2020
vi) Income Tax Act, 2023
vii) The Value Added Tax & Supplementary Duty Act, 2012
viii) The Value Added Tax & Supplementary Duty Rules, 2016
ix) Bangladesh Labor Act, 2006 (amended 2013) and Labor Rules, 2015
x) Financial Reporting Act, 2015; and
xi) Other applicable laws and regulations.
In case any requirement of the Bank-Company Act, 1991 (as amended up to date) and provisions and circulars
issued by Bangladesh Bank differ with those of IFRSs as adopted, the requirements of the Bank-Company
Act, 1991 (as amended up to date) and provisions and circulars issued by Bangladesh Bank shall prevail.
The Group and the Bank has departed from some requirements of IFRSs in order to comply with the rules
and regulations of Bangladesh Bank which are disclosed below:
2.02.01 Presentation and Name of Financial Statements
IFRS: As per IAS 1 Presentation of Financial Statements, a complete set of financial statements comprises a
statement of financial position, a statement of profit or loss and other comprehensive income, a statement of
changes in equity, a statement of cash flows, notes comprising a summary of significant accounting policies
and other explanatory information and comparative information. IAS 1 also states an entity to disclose assets
and liabilities under current and non-current classification separately in its statement of financial position
except when a presentation based on liquidity provides information that is reliable and more relevant.
Bangladesh Bank: A format of financial statements (i.e., balance sheet, profit and loss account, cash
flow statement, statement of changes in equity, liquidity statement and notes) is prescribed in the “First
Schedule” of Section 38 of the Bank-Company Act, 1991 (as amended up to date), BRPD Circular no.
14, dated 25 June 2003 and BRPD circular no. 15, dated 09 November 2009 of Bangladesh Bank. In the
format, Assets and liabilities are presented mostly in decreasing order of liquidity.
2.02.02 Investment in shares, securities and mutual fund
IFRS: As per IFRS 9 Financial instruments, classification and measurement of investments in shares and
securities will depend on how these are managed (the entity's business model) and on their contractual
cash flow characteristics. Based on these factors it would generally fall either under at "fair value through
profit or loss" or under "fair value through other comprehensive income" where any change in the fair
value (as measured in accordance with IFRS 13) at the reporting date is taken to profit and loss account or
other comprehensive income/revaluation reserve respectively.
Bangladesh Bank: As per BRPD circular no. 14, dated 25 June 2003, investments in quoted and unquoted
shares are revalued on the basis of year-end market price and last audited Net Assets Value (NAV)
respectively. As per DOS circular no. 1, dated 24 May 2023,
• For listed/ quoted securities, difference between purchase price and last trade price has to be provisioned
after netting off gain/loss of same type securities.
• For non-listed/unquoted equity share, provision depends on the difference between the investment and
proportionate net worth.
• For non-convertible cumulative preference share or bond/debenture, provision is 25%, 50% & 100% after
year 1, 2 & 3 for non-payment of preset interest/profit/dividend/coupon.
• For open-end mutual fund, provision depends on the difference between average purchase price and
surrender price.
2.02.03 Revaluation gain/loss on Government securities
IFRS: As per IFRS 9 financial instruments, bonds can be categorized as “Amortized Cost (AC)” or “Fair
Value Through Profit or Loss (FVTPL)” or “Fair Value through Other Comprehensive Income (FVOCI)”
depending on how these are managed (the entity's business model) and on their contractual cash flow
characteristics. Bonds designated as Amortized Cost are measured at amortized cost method and interest
income is recognized through profit and loss account. Any changes in fair value of bonds designated as
FVTPL is recognized in profit and loss account. Any changes in fair value of bonds designated as FVOCI is
recognized in Revaluation Reserve as a part of equity.
As per requirements of IFRS 9, bills can be categorized either as FVTPL or FVOCI. Any change in fair value
of bills is recognized in profit and loss or Revaluation Reserve as a part of equity respectively.

Bangladesh Bank: According to DOS Circular no. 5, dated 26 May 2008 and subsequent clarification in
DOS Circular no. 5, dated 28 January 2009,
• Government securities/bills are classified into Held for Trading (HFT) and Held to Maturity (HTM).
• HFT securities are revalued on the basis of mark to market on weekly basis and any gains on revaluation
of securities which have not matured as at the balance sheet date are recognized in Revaluation Reserves
as a part of equity and any losses on revaluation of securities which have not matured as at the balance
sheet date are charged in the Profit and Loss Account. Interest on HFT securities including amortization of
discount are recognised in the profit and loss account.
• Held to Maturity (HTM) securities are amortized at the year end and any losses are recognized through
profit and loss account and gains on amortization are recognized in Revaluation Reserve as a part of equity.
According to DOS Circular Letter no. 27, dated 4 December 2023, HFT revaluation loss can be net-off
with the balance of Revaluation Reserve. For insufficient balance, charged to the Profit and Loss Account.
2.02.04 Provision on loans and advances/investments
IFRS: As per IFRS 9 financial instruments, an entity shall recognize impairment allowance on loans based
on expected credit losses (ECL) model. The ECL model is a function of the Probability of Default (PD), Loss
Given Default (LGD) and Exposure at Default (EAD), discounted to the reporting date using the effective
interest rate. The amount of ECLs are being updated at each reporting date to reflect changes in credit risk
since initial recognition.
Judgment is required when determining whether there is objective evidence that impairment exists and,
if so, the appropriate amount of ECLs to recognize. The measurement of ECLs reflects an unbiased and
probability-weighted amount that is determined by evaluating a range of possible outcomes, the time value
of money, and reasonable and supportable information that is available without undue cost or effort at
the reporting date regarding past events, current conditions and forecasts of future economic conditions.
Financial assets are categorized into the following three stages depending on their assessed credit risk:
Stage 1 Financial assets are categorized as Stage 1 when first recognized. The Bank records an allowance for
12-month ECLs in profit or loss, and interest revenue is calculated on the gross carrying amount of the asset.
Stage 2 Financial assets are categorized as Stage 2 when they have experienced a significant increase in
credit risk since initial recognition. The Bank records an allowance for lifetime ECLs, and interest revenue
is calculated on the gross carrying amount of the asset.
Stage 3 Financial assets are categorized as Stage 3 when they are considered credit-impaired. The Bank
records an allowance for lifetime ECLs, and interest revenue is calculated based on the net carrying amount
of the asset (gross carrying amount less the loss allowance), rather than on its gross carrying amount.
Bangladesh Bank: As per Bangladesh Bank circulars and guidelines, loans and other assets have to be
classified among Standard, Special Mention Account, Sub-standard, Doubtful and Bad/Loss category
based on time duration of overdue and adequate provisions have to be maintained as per the instructions.
Instructions applicable in 2023 related to provision are as follows:
• a general provision at 0.25% to 5% under different categories of unclassified loans (good/standard

loans) has to be maintained regardless of objective evidence of impairment.
• specific provision (other than Short-Term Agricultural and Micro-Credits) for sub-standard loans,
doubtful loans and bad losses has to be provided at 20%, 50% and 100% respectively. Specific provision
for Short-Term Agricultural and Micro-Credits on 'sub-standard', 'doubtful' and 'bad/Loss' loans are 5%,
20% and 100% respectively.
• general provision at 0.50% to 1% is required for all off-balance sheet exposures except LC issued
against Fast Track Electricity Project & Bills for Collection.
• no additional provision in 2023 is required for deposits kept in the finance companies.
Such provision policies are not specifically in line with those prescribed by IFRS 9.
List of active Bangladesh Bank circulars and circular letters is presented below:
1. BRPD Circular Letter (BRPDCL) no. 20, dated 21 June 2023,
2. BRPD circular (BRPDC) no. 11, dated 20 June 2023,
3. BRPDC 6, dated 25 April 2023,
4. BRPDCL 3, 2 February 2023,
5. BRPDCL 53, dated 22 December 2022,
7. BRPDC 14, dated 22 June 2022,

SONALI BANK PLC

13. BRPDCL 45, dated 04 October 2021,
14. BRPDC 19, dated 26 August 2021,
15. BRPDC 05, dated 24 March 2021,
16. BRPDC 13, dated 27 June 2021,
17. BRPDC 03, dated 31 January 2021,
19. BRPDCL 52, dated 20 October 2020,
20. BRPDCL 16, dated 21 July 2020,
22. BRPDC 1, dated 20 February 2018,
23. BRPDC 15, dated 27 September 2017,
24. BRPDC 12, dated 20 August 2017,
25. BRPDC 16, dated 18 November 2014,
26. BRPDC 05, dated 29 May 2013, and
Letter no BRPD(P)/661/13,2024-97, dated 3 January 2024.
2.02.05 Recognition of interest in interest suspense account
IFRS: Loans and advances to customers are generally classified at amortized cost as 'loans and receivables'
as per IFRS 9 and interest income is recognized through effective interest rate method to the gross carrying
amount over the term of the loan. Once a loan subsequently becomes credit-impaired, the entity shall
apply the effective interest rate to the amortized cost of these loans.
Bangladesh Bank: As per BRPD circular no. 14, dated 23 September 2012, once a loan is classified, interest
on such loans are not allowed to be recognized as income, rather the corresponding amount needs to be
credited to interest suspense account, which is presented as liability in the balance sheet.
2.02.06 Other comprehensive income
IFRS: As per IAS 1 Presentation of financial statements, total comprehensive income comprises all components
of ‘profit or loss’ and of ‘other comprehensive income’. An entity may present a single statement of profit or
loss and other comprehensive income, with profit or loss and other comprehensive income presented in
two sections. The sections shall be presented together, with the profit or loss section presented first followed
directly by the other comprehensive income section. An entity may present the profit or loss section in a
separate statement of profit or loss. If so, the separate statement of profit or loss shall immediately precede
the statement presenting comprehensive income, which shall begin with profit or loss.
An entity shall present the allocation of profit or loss and comprehensive income to non‑controlling
interests and owners of the parent separately.
Bangladesh Bank: The templates of financial statements issued vide Section 38 of The Bank Company
Act, 1991, BRPDC 14, dated 25 June 2003 and BRPDC 15, dated 09 November 2009 do not include the
elements other comprehensive income, nor the elements of other comprehensive income are allowed
to be included in a single comprehensive income statement. As such the Bank prepares the financial
statements accordingly and does not prepare the comprehensive income statement. However, elements
of OCI are shown in the statement of changes in equity. The Bank presents the allocation of profit or loss
to non‑controlling interests and owners of the parent.
2.02.07 Financial instruments
IFRS: A financial instrument is any contract that gives rise to a financial asset of one entity and a financial
liability or equity instrument of another entity.
As per IFRS 9 Financial Instruments, an entity shall recognize a financial asset or a financial liability in
its statement of financial position when, and only when, the entity becomes party to the contractual
provisions of the instrument. An entity shall classify and measure financial instruments at amortized cost,
fair value through other comprehensive income or fair value through profit or loss depending on how
these are managed (the entity's business model) and on their contractual cash flow characteristics.
Bangladesh Bank: As per BB guidelines, in certain cases financial instruments are categorized, recognized,
measured and presented differently from those prescribed in IAS 32 Financial Instruments: Presentation,
IFRS 7 Financial Instruments - Disclosures and IFRS 9 Financial Instruments. As such, some disclosures and
presentation lack the requirements of IAS 32, IFRS 7 and IFRS 9 in the financial statements.

2.02.08 REPO and REVERSE REPO Transactions
IFRS: As per IFRS 9, when an entity sells a financial assets and simultaneously enters into an agreement
to repurchase the asset (or a similar asset) at a fixed price on a future date (REPO or stock lending), the
arrangement is accounted for as a deposit, and the underlying asset continues to be recognized in the
entity's financial statements. This transaction will be treated as loan and the difference between selling
price and repurchase price will be treated as interest expenses. The same rule applies to the opposite side
of the transaction (reverse repo).
Bangladesh Bank: As per Department of Off-Site Supervision (DOS) Circular letter no. 06, dated 15 July 2010 and
subsequent clarification in DOS circular no. 02, dated 23 January 2013, when a bank sells a financial asset
and simultaneously enters into an agreement to repurchase the asset (or a similar asset) at a fixed price on
a future date (repo or stock lending), the arrangement is accounted for as a normal sales transaction and
the financial asset is derecognized in the seller’s book and recognized in the buyer’s book.
However, as per DMD circular letter no. 7, dated 29 July 2012 and no. 7, dated 23 December 2021 banks are
eligible to participate in the Assured Liquidity Support (ALS) program, whereby banks may enter collateralized
loan arrangements with Bangladesh Bank. Here the borrowing bank continue to recognize the asset.
2.02.09 Financial guarantees
IFRS: As per IFRS 9, financial guarantees are contracts that require an entity to make specified payments
to reimburse the holder for a loss it incurs because a specified debtor fails to make payment when due in
accordance with the terms of a debt instrument. Financial guarantee liabilities are recognized initially at
their fair value, and the initial fair value is amortized over the life of the financial guarantee. The financial
guarantee liability is subsequently carried at the higher of this amortized amount and the present value of
any expected payment when a payment under the guarantee has become probable. Financial guarantees
are included within other liabilities.
Bangladesh Bank: As per BRPD circular 6, dated 25 April 2023, general provision at 0.50% to 1% is required
based on type and conditions of guarantee and other off-balance sheet exposures.
2.02.10 Cash and cash equivalents
IFRS: Cash and cash equivalents items should be reported as cash item as per IAS 7: Statement of Cash Flows.
Bangladesh Bank: As per BRPD circular 14, dated 25 June 2003, some cash and cash equivalent items such as
‘money at call and on short notice’, Prize bond are shown as cash and cash equivalent. Money at call and on
short notice is shown as face item in balance sheet, and Treasury bills, Prize bonds are shown in Investment.
2.02.11 Non-banking assets
IFRS: No indication of non banking assets is found in any IFRS.
Bangladesh Bank: As per BRPD circular no. 22, dated 20 September 2021 and BRPD Circular No. 14, dated
25 June 2003, there must exist a face item named Non-banking asset.
2.02.12 Cash flow statement
IFRS: Cash flow statement can be prepared either in direct method or in indirect method. The presentation
is selected to present these cash flows in a manner that is most appropriate for the business or industry.
The method selected is applied consistently.
Bangladesh Bank: As per BRPD Circular No. 14, dated 25 June 2003, cash flow is a mixture of direct and indirect methods.
2.02.13 Balance with Bangladesh Bank (Cash Reserve Requirement- CRR)
IFRS: The required CRR portion of the balance with Bangladesh Bank should be presented in the investing
activity class of the Cash Flow Statement as it is not available for use in day-to-day operations as per IAS 7.
Bangladesh Bank: The full Balance with Bangladesh Bank is treated as cash and cash equivalents.
2.02.14 Presentation of intangible asset
IFRS: An intangible asset must be identified and recognized, and the disclosure must be given as per IAS 38.
Bangladesh Bank: There is no regulation for intangible assets in BRPD Circular No. 14, dated June 25, 2003.
2.02.15 Off balance sheet items
IFRS: There is no concept of off-balance sheet items in any IFRS. But mostly the entity shall follow IAS 37
to recognize off balance sheet items.
Bangladesh Bank: As per BRPD Circular No. 14, dated June 25, 2003, off balance sheet items (e.g. Letter
of credit, Letter of guarantee etc.) must be disclosed separately on the face of the balance sheet and as
per BRPD circular 6, dated 25 April 2023, general provision at 0.50% to 1% is required based on type and
conditions of off-balance sheet exposures.

SONALI BANK PLC
2.02.16 Loans and advance net of provision

IFRS: As per IFRS 9: Loans and advances should be presented net of provisions.
Bangladesh Bank: As per BRPD circular 14, dated 23 September 2012, provision on loans and advances
are presented separately as liability and cannot be netted off against loans and advances.
2.02.17 Disclosure of appropriation of profit
IFRS: IAS 1 Presentation of financial statements do not require appropriation of profit to be shown on the
face of the statement of comprehensive income.
Bangladesh Bank: As per Section 38 of the Bank-Company Act, 1991, BRPDC 14, dated 25 June 2003
and BRPDC 15, dated 09 November 2009, the Profit and Loss Account template requires disclosure of
appropriation of profit.
2.02.18 Income tax on income from treasury bills/bonds
IFRS: Current tax and deferred tax is computed considering the relevant tax law enacted in the country
where the entity operates and should be recognised as per the requirements of IAS 12.
Bangladesh Bank: Income tax on interest from treasury bills/bonds is considered on accrual basis while making
provision for income tax which was previously considered on cash basis. Accordingly, current tax expenses is
recognised for income from treasury bills/bonds which was previously recongnised as deferred tax.
2.02.19 Recovery of Written off Investments/Loans
IFRS: As per IAS 1, an entity shall not offset assets and liabilities or income and expenses, unless required or
permitted by any IFRSs. Again, recovery of written off investments/loans should be charged to profit and
loss account as per IFRS 15: Revenue from Contracts with Customers.
Bangladesh Bank: As per BRPD circular no. 15, dated 09 November 2009, recoveries of amount previously
written off should be adjusted with the specific provision for investments/loans and advances.
2.03 Basis of measurement
The financial statements of the Bank have been prepared on the historical cost basis except for the
following material items:
a) Government Treasury Bills and Bonds designated as 'Held for Trading (HFT)' at present value using mark
to market concept with gain/loss netting-of to the revaluation reserve.
b) Government Treasury Bills and Bonds designated as 'Held to Maturity (HTM)' using amortization concept.
Treasury securities of ‘Remeasured’ category has been discontinued and transferred to HTM category vide
DOS Circular Letter no 27, dated 4 December 2023.
c) Investment in shares of listed companies using last trading price.
d) Land and Buildings is recognized at the time of acquisition and subsequently measures at fair value as
per IAS 16 (Property, Plant and Equipment).
e) Right-of-use assets are recognized under the IFRS 16 (Lease) at the amount of the lease liability (present
value of lease obligations) plus any initial direct costs incurred by the lessee.
The accounting policies unless otherwise stated, have been consistently applied by the bank and are
consistent with those of the previous year.
2.04 Basis of consolidation
A separate set of records for consolidation of the statement of affairs and income and expenditure of the
branches are maintained at the Head Office of the Bank based on which these financial statements have
been prepared.
The consolidated financial statements comprise of the financial statements of Sonali Bank PLC, including
overseas branches in Kolkata and Siliguri, Subsidiaries-Sonali Investment Limited (SIL) and Sonali Exchange
Co. Inc. (SECI), USA and Sonali Bangladesh (UK) Ltd. and Sonali Pay (UK) Limited as at 31 December 2023.
2.04.01 Subsidiaries
Subsidiaries are entities controlled by the group. In compliance with IFRS 10 Consolidated Financial
Statements, the financial statements of subsidiaries are included in the Consolidated Financial Statements
from the date that control commences until the date the control ceases.
2.04.02 Associates
In compliance with the requirement of IAS 28 Investment in Associates and Joint Ventures, the accounting
treatment regarding investment in associates have been addressed.
Conversion policy of Subsidiaries & Associate

The conversion policy of Sonali Exchange Co. Inc., Sonali Bangladesh (UK) Ltd. and Sonali Pay (UK) Limited
as at 31 December 2023 is as follows:

Conversion policy of Subsidiaries & Associate
The conversion policy of Sonali Exchange Co. Inc., Sonali Bangladesh (UK) Ltd. and Sonali Pay (UK) Limited
as at 31 December 2023 is as follows:
Sonali Bangladesh (UK) Ltd and
Particulars Currency conversion rate SECI
Sonali pay (UK) Limited.
For Assets & Liabilities Closing rate USD to BDT GBP to BDT
For income & Expenses Average rate USD to BDT GBP to BDT
2.04.03 Transactions eliminated on consolidation

Intra-group balances and transactions and any unrealized income and expenses arising from intra-group
transactions are eliminated in preparing the Consolidated Financial Statements. Unrealized gains arising
from transactions with equity accounted investees are eliminated against the investment to the extent of
the group's interest in the investee. Unrealized losses are eliminated in the same way as unrealized gains,
but only to the extent there is no evidence of impairment.
2.05 Use of estimates and judgments
The preparation of the consolidated financial statements of the Group and the financial statements of the
Bank in conformity with Bangladesh Bank Circulars and IFRSs requires management to make judgments,
estimates and assumptions that affect the application of accounting policies and the reported amount of
assets, liabilities, income and expenses. Actual result may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates
are recognized in the period in which the estimate is revised and in any future period affected.
Information about significant areas of estimation uncertainty and critical judgments in applying accounting
policies that have the most significant effect on the amounts recognized in the consolidated financial
statements.
2.06 Changes in accounting estimate and errors
The effect of a change in an accounting estimate shall be recognized prospectively by including it in profit or loss in:
(a) the period of the change, if the change affects that period only; or
(b) the period of the change and future periods, if the change affects both. To the extent that a change in
an accounting estimate gives rise to changes in assets and liabilities, or relates to an item of equity, it shall
be recognized by adjusting the carrying amount of the related asset, liability or equity item in the period of
the change. Material prior period errors shall be retrospectively corrected in the first financial statements
authorized for issue after their discovery by:
(i) restating the comparative amounts for the prior period(s) presented in which it is required to make
proper comparison; or
(ii) if the error occurred before the earliest prior period presented, restating the opening balances of assets,
liabilities and equity for the earliest prior period presented.
2.07 Books of account
The Company maintains its books of account for main business in electronic form through soft automation.
The accounts of Sonali Bank are generally kept on the double entry system the day book, the general
ledger, the cash book, the current account ledger, the deposit account ledger, the bill books etc.
2.08 Foreign currency transactions
2.08.01 Functional and presentational currency
Financial statements of the Bank are presented in Taka, which is the Bank's functional and presentational currency.
2.08.02 Foreign currency transactions
Foreign currency transactions are converted into equivalent Taka currency at the ruling exchange rates on
the respective dates of such transactions as per IAS 21 "The effects of Changes in Foreign Exchange Rates".
Assets and liabilities in foreign currencies at 31 December 2023 have been converted into Taka currency
at the average of the prevailing buying and selling rates of the relevant foreign currencies at that date
except Balances with other Banks and Financial Institutions which have been converted as per directives
of Bangladesh Bank vide its circular no. BRPD(R) 717/2004-959, dated 21 November 2004.
2.08.03 Commitment
Commitments for outstanding forward foreign exchange contracts disclosed in these financial statements
are translated at contracted rates. Contingent liabilities/commitments for letter of credit, letter of guarantee
and acceptance denominated in foreign currencies are expressed in Taka terms at the rates of exchange
ruling on the date of balance sheet.

SONALI BANK PLC
2.08.04 Foreign operation

The results of financial statements of any foreign operation whose functional currency is not Bangladeshi
Taka are translated into Bangladeshi Taka as follows :
a).assets and liabilities for each statement of balance sheet have been translated at the closing rate on the
date of the balance sheet.
b). income and expenses for the profit and loss account have been translated at average rate.
Foreign currency differences are recognised in OCI and accumulated in the foreign currency translation
reserve, except to the extent that the translation difference is allocated to NCI.
When a foreign operation is disposed of such that control, the cumulative amount in the translation reserve
related to that foreign operation is reclassified to profit or loss as part of the gain or loss on disposal. When
the Group disposes as the only part of its interest in a subsidiary that includes a foreign operation while
retaining control, the relevant proportion of the cumulative amount is reactivated to non-controlling interest.
2.08.05 Translation gain and losses
Gains or losses arising out of translation of foreign exchange have been included in the Profit and Loss
Accounts, except those arising on the translation of net investment in foreign subsidiaries.
2.09 Materiality, aggregation and offsetting
The Bank presents separately each material class of similar items and presents separately items of a
dissimilar nature or function unless those are immaterial. The Bank did not offset assets and liabilities or
income and expense, unless required or permitted by IFRS.
2.10 Cash Flow Statement
Cash Flow Statement is prepared principally in accordance as per the guidelines of BRPD Circular no.14
dated 25 June 2003 and International Accounting Standard-7 "Statement of Cash Flows'". The Cash Flow
Statement shows the structure of and changes in cash and cash equivalents during the year. Cash Flows
during the year have been classified as operating activities, investing activities and financing activities.
2.11 Statement of Changes in Equity
The statement of changes in equity reflects information about increase or decrease in net assets or wealth.
Statement of changes in equity has been prepared in accordance with International Accounting Standards
IAS 1 "Presentation of Financial Statements" and relevant guidelines of Bangladesh Bank.
2.12 Branch Accounting
The Bank has 1,232 branches including two overseas branches as on 31 December 2023. Accounts of
the branches are maintained at the branch level and for consolidation a separate set of records of the
statement of affairs and income and expenditure of the branches are compiled at the Head Office of the
Bank based on which these financial statements have been prepared.
2.13 Liquidity statement (Asset and Liability Maturity Analysis)
The liquidity statement has been prepared in accordance with remaining maturity grouping of Assets and
Liabilities as of the close of the year as per following basis:
Particulars Basis
Balance with other banks and financial institutions Maturity term

Investments Residual maturity term
Loans and advances Repayment/Maturity schedule
Fixed assets Useful lives
Other assets Adjustment
Borrowings from other banks and financial institutions Repayment / Maturity schedule
Deposits and other accounts Maturity term and Behavioral past trend
Other long term liability Maturity term
Provisions and other liabilities Settlement
2.14 Events after the Reporting Period
Events after the reporting period that provide additional information about the Bank's position at the
balance Sheet date are reflected in the financial statements in Note no. 48 as per International Accounting
Standards IAS 10 Events after the Reporting Period.
2.15 Going Concern

The accompanying financial statements have been prepared on a going concern basis, which
contemplates the realization of assets and the satisfaction of liabilities in the normal course of business.
The accompanying financial statements do not include any adjustments should the bank be unable to
continue as a going concern.
2.16 Assets and the basis of their valuation
The accounting policy have been applied consistently to all periods presented in this consolidated financial
statements and those of the bank and have been applied consistently by the group entities except as
explain in Note 2.02.
2.16.01 Cash
Cash and cash equivalents include cash in hand and balance with Bangladesh Bank and its agent bank and
balances with other banks and financial institutions.
2.16.02 Investments
All investments are initially recognized at cost, including acquisition charges associated with the investment.
Premiums are amortized and discount accredited, using the effective or historical yield method. Accounting
treatment of government treasury bills and bonds (categorized as HFT or/and HTM) is made following
Bangladesh Bank DOS circular letter no. 05, dated 26 May 2008 and as amended on 28 January 2009 and
DOS Circular letter no. 02, dated 19 January 2012.
2.16.02.01 Held to Maturity (HTM)
Investments (financial instruments) which have fixed or determinable maturity date and the bank has no
intention to sell before their maturity date irrespective of changes in market prices or the bank’s financial
position or performance are grouped as held to maturity. Government Treasury Bills, Government Treasury
Bonds and other securities approved for statutory liquidity reserves have been classified as held to maturity
financial asset. These are measured at amortized cost at each year end by taking into account any discount
or premium in acquisition. Any increase or decrease in value of such investments is booked to equity.
Any gain or loss on such investments is recognised in the statement of income when the investment is
de-recognised or impaired.
2.16.02.02 Held for Trading (HFT)
The securities under this category are the securities acquired by the bank with the intention to trade by
taking advantages of short term price/interest movement and the securities those are classified as HFT
by the Bank held in excess of SLR (net of CRR) at a minimum level. Investments classified in this category
are principally for the purpose of selling or repurchasing on short trading or if designated as such by the
management. In this category, investments are measured in fair value and any change in the fair value i.e.
profit or loss on sale of securities in HFT category is recognized in the Profit and Loss Account.
Value of investments is stated as per the following bases:
Particulars Valuation Method

Government Securities:
Government Treasury Bills Present Value
Prize Bonds Cost Price
Bangladesh Bank Bills Cost price
Special Treasury Bonds Present Value
Reverse Repo Cost Price
Debentures of Govt. Corporations Cost price
Other Investments (Quoted Shares) Market Price
Other Investments (Other than Quoted Shares) Cost Price
2.16.02.03 REPO and Reverse REPO

Since 01 September 2010 transactions of REPO and Reverse REPO are recorded based on DOS Circular
No. 6, dated 15 July 2010 of Bangladesh Bank. In case of REPO of both coupon and non-coupon bearing
(Treasury bill) security, Sonali Bank PLC adjusted the Revaluation Reserve Account for HFT securities and
stopped the weekly revaluation (if the revaluation date falls within the REPO period) of the same security.
For interest bearing security, SBPLC stopped the accrual of interest during REPO period.
2.16.02.04 Investment in Quoted and unquoted securities
Investments in equity instruments/shares that are not quoted in active market are not measured at fair
value due to absence of information required to measure in fair value reliably; so these are presented at
cost. The equity instruments that are quoted in active market are measured at fair value. Details of quoted
and unquoted shares are shown in Annexure - H.

SONALI BANK PLC
2.16.02.05 Derivative Investments

Derivatives are financial instruments that derive their value in response to changes in interest rates, financial
instrument prices, commodity prices, foreign exchange rates, credit risk and indices.
Derivatives are categorised as trading unless they are designated as hedging instruments.
All derivatives are initially recognized and subsequently measured at fair Value, with all revaluation
gains recognised in the Income Statement ( except where cash flow or net investment hedging has
been achieved, in which case the effective portion of changes in fair value is recognized within other
comprehensive income).
2.16.02.06 Revaluation of investment
As per the DOS (BB) Circular letter no. 05, dated 26 May 2008 & subsequent amended circular no. 05,
dated 28 January 2009 and circular letter no. 27, dated 4 December 2023, HFT (Held for Trading) securities
are revalued on weekly basis and HTM (Held to Maturity) securities are amortized on yearly basis. The
HTM securities are also revalued if they are reclassified to HFT category with the Board’s approval. Any
gain or loss on revaluation of HTM securities is recognized in the statement of changes in equity. Gain
on revaluation of HFT securities is transferred to the revaluation reserve and loss is adjusted net-off the
revaluation reserve provided the excess loss is to be charged in the profit and loss account on weekly basis.
Initial Measurement after

Investment class Recording of changes
Recognition initial recognition
Gain to Revaluation Reserve (RR), Loss
Govt. T-bills/ bond (HFT) Cost Fair value
net-off from RR and excess to P & L,
Govt. T-bills/ bond (HTM) Cost Amortized cost Increase or decrease in value to equity
Debenture/Bond Cost Cost None
Loss to P & L, gain to Revaluation
Investment in listed securities Cost Fair value
Reserve
Investment in unquoted share Cost Face value Gain and loss to P&L
Prize bond Cost Cost None
2.16.02.07 Investments in subsidiary

Investment in subsidiary is accounted for under the cost method of accounting in the Bank’s financial
statements in accordance with the IAS 27 “Separate Financial Statements”, IFRS 3 “Business Combination”,
IFRS 36 “Impairment of Assets” and IFRS 10 “Consolidated Financial Statements”
Non-controlling Interest
Non-controlling interest in business is an accounting concept that refers to the portion of a subsidiary
company's stock that is not owned by the parent company. The Bank 49% of the Sonali Bangladesh (UK)
Limited and treats it as subsidiary in control perspective and Bangladesh Bank instruction. Non-controlling
interest is reported on the consolidated profit and loss account as a share of profit belonging to the non-
controlling shareholders.
2.16.02.08 Statutory and Non-statutory Investment
Statutory Investments
Amount which is invested for maintaining statutory liquidity ratio according to MPD circular no. 02, dated
10 December 2013 and DOS circular no. 01, dated 19 January 2014 of Bangladesh Bank is treated as
statutory investment, these includes treasury bill, treasury bond, other govt. securities etc. Details of
statutory investment have been given in note -6.03.01.
Non- Statutory Investments
All investment except statutory investment is treated as non-statutory investment such as debentures
corporate bond, ordinary share (quoted and unquoted), preference share etc. Details of non-statutory
investment have been given in note- 6.03.02
2.16.02.09 Investments in associate
Investment in associate is accounted for in the books of financial statements of the Bank, in accordance
with the International Accounting Standard (IAS) 28 'Investments in Associates and Joint Ventures'.
2.16.02.10 Investment and related income
(a) Income on investments other than shares is accounted for on accrual basis concept; and,
(b) Dividend income on investment in shares is accounted for in the year when right has been established.

2.16.03 Loans and advances and its provisions
Loans and advances are stated at gross amount. General Provisions on unclassified loans and Off-Balance
Sheet Items, specific provisions for classified loans and interest suspense account thereon are shown
under other liabilities. Provision is made on the basis of quarter end against classified loans and advances
review by the management and instruction contained in BRPD Circular Letter (BRPDCL) no. 20, dated
21 June 2023, BRPD circular (BRPDC) no. 11, dated 20 June 2023, BRPDC 6, dated 25 April 2023,
BRPDCL 3, 2 February 2023, BRPDCL 53, dated 22 December 2022, BRPDCL 51, dated 18 December
2022, BRPDC 14, dated 22 June 2022, BRPDC 4, dated 12 April 2022, BRPDCL 53, dated 30 December
2021, BRPDCL 52, dated 29 December 2021, BRPDCL 51, dated 29 December 2021, BRPDCL 50, dated
14 December 2021, BRPDCL 45, dated 04 October 2021, BRPDC 19, dated 26 August 2021, BRPDC 05,
dated 24 March 2021, BRPDC 13, dated 27 June 2021, BRPDC 03, dated 31 January 2021, BRPDCL 56,
dated 10 December 2020, BRPDCL 52, dated 20 October 2020, BRPDCL 16, dated 21 July 2020, BRPDC
3, dated 23 April 2019, BRPDC 1, dated 20 February 2018, BRPDC 15, dated 27 September 2017, BRPDC 12,
dated 20 August 2017, BRPDC 16, dated 18 November 2014, BRPDC 05, dated 29 May 2013.
2.16.03.01 Interest on loans and advances
i) Interest is calculated on unclassified loans and advances and recognized as income during the year;
ii) Interest calculated on classified loans and advances as per Bangladesh Bank Circulars is kept in interest
suspense account and credited to income on realization;
iii) Interest is calculated on daily product basis but debited to the party’s loan account quarterly. No
interest is charged on loans and advances which are classified as bad and loss;
iv) Interest suspense and penal interest, if any, calculated on classified loans and advances are taken into
income in the year of its receipt from the defaulting borrowers.
2.16.03.02 Provision for loans and advances
Rate of provision:
Consumer Financing
Short term Loan to BHs/ All other
Particulars SMEF
agri credit Other than MBs/ SDs credit
HF & LP HF LP
Unclassified Standard 1.00% 5% 1% 2% 0.25% 2% 1%
SMA 0% 5% 1% 2% 0.25% 2% *1%

Classified SS 5% 20% 20% 20% 20% 20% 20%
DF 5% 50% 50% 50% 50% 50% 50%
BL 100% 100% 100% 100% 100% 100% 100%
*In line with BRPD Circular no. 04, dated 29 January 2015, provision for restructured loan is calculated
@ 2%, as per BRPD Circular no. 56, dated 10 December 2020 the special general provision is @ 2%.
Amendments from time to time brought by Bangladesh Bank is adhered to and accounted in the financial
statements.
2.16.03.03 Presentation of loans and advances
Loans and advances are shown at gross amount as assets while interest suspense and loan loss provision
against classified advances are shown as liabilities in the statement of financial position.
2.16.03.04 Write off loans and advances
Loans and advances/investments are written off as per guidelines of Bangladesh Bank. These
written off however will not undermine/affect the claim amount against the borrower. Detailed
memorandum records for all such written off accounts are meticulously maintained and followed up.
2.16.03.05 Securities against Loan
Project loan: Land and building are taken as security in the form of mortgage and plant & machinery are
taken in the form of hypothecation.
Working capital and trading loan: Goods are taken as security in the form of pledge and also goods are
taken as security in the form of hypothecation along with land and building as mortgage (value not less
than 1.50 times covering the loan amount) in the form of collateral security.
House building loan: Land and building are taken as security in the form of mortgage.
Overdraft: FDRs are taken in pledge. The balance in DPS/JBSPS/SDPS A/C’s is taken in “lien”.
Public sector loan: In most cases Govt. Guarantee is taken and no security is taken for government
loan and Crops loans in agriculture sector.

SONALI BANK PLC
2.16.04 Bills Purchased and Discounted

a) Bills purchased and discounted do not include Government Treasury bills and have been classified into
two sub-heads viz
i) Payable outside Bangladesh,
ii) Payable in Bangladesh and
b) The bills purchased and discounted have been analyzed in the form/terms as per the maturity grouping.
2.16.05 Fixed Assets: Property, Plant and Equipment
2.16.05.01 Recognition and Measurement:
A) Fixed assets are stated at cost/fair value less accumulated depreciation as per International Accounting
Standards IAS-16.
B) Acquisition cost of an asset comprises of the purchase price and any directly attributable cost of bringing
the asset to working condition for its intended use inclusive of inward freight, duties and non-refundable
taxes. It also-
a) Includes cost to bringing the assets to the location and cost necessary for it to be capable of operating.
b) Excludes trade discount and rebates
Cost less than 1000 which has expensed as stationery.
The cost of an item of property, plant and equipment is recognized as an asset if it is probable that future economic
benefits associated with the item will flow to the entity and the cost of the item can be measured reliably.
Measurement after Recognition:
International Accounting Standards IAS-16 permits two accounting models for measurement of an assets
in periods subsequent to its recognition, namely The cost model and revaluation model.
COST MODEL: The asset is carried at its cost less accumulated Depreciation and Impairment Loss.
REVALUATION MODEL: The asset is carried at a revalued amount calculated as fair value at the date of
revaluation less subsequent Accumulated Depreciation and Impairment Loss.
All Property, plant and equipment are classified and grouped on the basis of their nature as required in
IAS 1 “Presentation of Financial Statements”. The major categories of Property, plant and equipment held
by the bank are property (Premises & Buildings), Library Book, Furniture and fixtures, Electrical Installations,
Typewriters and Calculating machines, Computer/Software, Motor Car and other vehicles.
The bank recognizes in the carrying amount of an item of property plant and equipment's the cost
of replacing part of such an item when that cost is incurred if it is probable that the future economic
benefits embodied with the item will flow to the bank and the cost of the item can be measured reliably.
Expenditure incurred after the assets have been put into operation, such as repairs and maintenance is
normally charged off as revenue expenditure in the period in which it is incurred.
2.16.05.02 Depreciation of Fixed Assets:
Depreciation is charged at the following rates on all fixed assets on the basis of estimated useful lives as
determined by fixed asset policy of the bank and As required of IAS 16 "Property Plant and Equipment"
Depreciation Policy:
i) In all cases depreciation is calculated on the straight-line method. If assets is purchased in the first half
of the month, depreciation is proportionately charged at the applicable rates on purchased assets from
the beginning of that month. Otherwise, depreciation will be proportionately charged from the beginning
of the following month of acquisition. While assets are sold or disposed in the first half of the month,
no depreciation will be charged for that month. But depreciation will be charged for the month when
the assets are disposed in the second half of the month. No depreciation would be charged on assets
purchaed after 20 December.
ii) No Depreciation charged on land and land developments,
iii) Useful life and Rates of Depreciation of fixed assets are given below:
Name of Assets Useful Life (Years) Rate of depreciation

Land - -
Building 40 2.50%
Library 10 10%
Furniture and fixtures 10 10%
Vault & Strong Room 10 20%
Motor Car and Other Vehicles 5 20%
Fire Arms & Fire Extinguisher 10 20%

Electric Equipment
Generator/Sub Station 5 20%
Solar Panel and Energy System 5 20%
Sound System 5 20%
Micro Oven and Electric Kettly 5 20%
Fan 5 20%
Lift 5 20%
AC & Fridge 5 20%
IPS 4 25%
Others Items related to Electric Equipment 5 20%
Office Equipment
Photocopy and Typewriters 5 20%
Note 5 20%
Vacuum Cleaner 5 20%
Telephone and Mobile 2 50%
Others Items related to Office Equipment 5 20%
Computer Accessories
Server 5 20%
PC (Laptop, Desktop, and PDA) 5 20%
Printer 5 20%
UPS 4 25%
Camera and CCTV System 5 20%
Multimedia and Projector 5 20%
ATM, POS & CRM 5 20%
Scanner 5 20%
Others Items related to Computed Accessories 5 20%
2.16.05.03 Disposal of fixed assets

When the assets are sold, closed down or scrapped, the difference between the net proceeds and the net
carrying amount of the assets is recognized as a gain or loss in other operating income or loss in other
operating expenses. The cost and accumulated depreciation are eliminated when the disposal of assets
from the fixed assets schedule and gain or loss on such disposal assets is reflected in the Profit and Loss
Account as per provision of IAS 16 "Property, Plant and Equipment".
An intangible asset should be derecognized (i.e. eliminated from the balance sheet): (i) on disposal; or
(ii) when no future economic benefits are expected from its use or disposal. Gains or losses arising are
determined as the difference between: (i) the net disposal proceeds; and (ii) the carrying amount of the
asset. Gains or losses are recognized as income or expense in the period in which the retirement or
disposal occurs.
2.16.05.04 Determination of Useful Life & Revaluation of Fixed Assets:
After recognition as an asset, an item of property, plant and equipment whose fair value can be measured
reliably shall be carried at a revalued amount, being its fair value at the date of the revaluation less any
subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluation shall
be made with sufficient regularity to ensure that the carrying amount does not differ materiality from that
which would be determined using fair value at the end of the reporting period as per IAS-16.
Useful lives and method of depreciation on fixed assets are reviewed periodically. If useful lives of assets
do not differ significantly as these were previously estimated, revaluation of assets does not consider. In
case of long time, Useful assets may be revalued as per Bangladesh Bank guideline BRPD-10 with the
satisfaction of the external auditor of the bank.
At the time of revaluation of assets, the revalued amount of assets has been transferred to Asset Revaluation
Reserve. The revaluation reserve included in equity in respect of an item of property, plant and equipment
would be transferred directly to retained earnings when the asset is derecognized. This would involve
transferring the whole of the reserve when the asset is retired or disposed of. However, some of the
reserve would be transferred as the asset is used by an entity. In such a case, the amount of the reserve
transferred would be the difference between depreciation based on the revalued carrying amount of the
asset and depreciation based on the asset’s original cost. Transfers from revaluation reserve to retained
earnings are not made through profit or loss as per Para 41 under IAS-16.

SONALI BANK PLC
The fixed assets of the Bank have been revalued three times. In the year of 2007, following the instruction of
vendor's agreement signed between Sonali Bank and Ministry of Finance, revaluation of all assets had been
done and total value enhanced by Taka 8,833.82 million. Subsequently, in 2011 revalued by Taka 12,026.80
million and lastly in the year 2013 by Taka 9,469.13 million. No revaluation has been made during the year 2023.
2.16.05.05 Impairment of fixed assets
The policy for all assets or cash-generating units for the purpose of assessing such assets for impairment is as follows:
The bank assesses at the end of each reporting period or more frequently if events or changes in
circumstances indicate that the carrying value of an asset may be impaired, whether there is any indication
that an asset may be impaired. If any such indication exits, or when an annual impairment testing for
an asset is required, the bank makes an estimate of the asset’s recoverable amount. When the carrying
amount of an asset or cash-generating unit exceeds its recoverable amount, the asset or cash-generating
unit is considered as impaired and is written down to its recoverable amount by debiting to profit & loss
account according to IAS-36.
Fixed assets are reviewed for impairment whenever events or charges in circumstances indicate that the
carrying amount of an asset may be impaired.
2.16.05.06 Amortization and of Intangible Assets
As per IAS-38, an intangible asset is an identifiable non-monetary asset without physical substance.
Amortization of intangible assets refers to the expensing of the cost of the intangible assets of the bank
over the total lifetime of those assets.
Amortization of intangible assets is Calculated considering the durability and useful lives of items As per Fixed
Assets: Property, Plant and Equipment Poicy-2022. These intangible assets are booked under the head "Fixed
Assets-Intangible Assets" and amortized over their estimated useful lives by charging under the head "Charges
Account-Amortization of Intangible Assets". Yearly amortized amount is charged in Profit & Loss Account.
Amortization Rate of intangible asset is 20%.
2.16.06 Other Assets
Other assets comprise investment in subsidiaries (Sonali Exchange Co. Inc. (SECI), USA and Sonali
Investment Limited, Prepaid Expenses, Branch adjustment, fees and unrealised income receivable, advance
for operating and capital expenditure and stocks of stationery and stamp. Details are shown in Note-9. and
others as per Bangladesh Bank Circulars. Receivables are recognized when there is a contractual right to
receive cash or another financial asset from another entity.
2.16.06.01 Classification of other assets
According to Bangladesh Bank BRPD circular no. 4, dated 12 April 2022, other assets are required to be
classified as unclassified, doubtful and bad/loss based on the basis of outstanding period and uncertainty
of recovery. Based on classification status provision is required to be maintained 50% for doubtful and
100% for bad/loss.
2.16.06.02 Written off of other assets
Other assets having no realistic prospect of recovery have been written off against full provision without
reducing the claimed amount of the Bank. Notional balances against other assets written off have been
kept to maintain the detailed memorandum records for such accounts/assets.
2.16.07 Intangibles assets
An intangible asset is recognized only when its cost can be measured reliably and it is probable that
the expected future economic benefits that are attributable to it will flow to the Bank. Intangible assets
acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a
business combination is their fair value as at the date of acquisition. Following initial recognition, intangible
assets are carried at cost less any accumulated amortization and any accumulated impairment losses. The
useful lives of intangible assets are assessed to be either finite or indefinite.
Intangible assets with finite lives are amortized over the useful economic life. The amortization period and
the amortization method for an intangible asset with a finite useful life are reviewed at least at each financial
year end. Changes in the expected useful life or the expected pattern of consumption of future economic
benefits embodied in the asset are accounted for by changing the amortization period or method, as
appropriate, and they are treated as changes in accounting estimates. The amortization expense on
intangible assets with finite lives is presented as a separate line item in the statement of comprehensive
income (profit and loss account). Amortization is calculated using the straight-line method to write down
the cost of intangible assets to their residual values over their estimated useful lives. Intangible assets-
valuation adjustment has been addressed in line with regulatory decision.
2.16.08 Non-banking assets
Non-banking assets include the assets acquired against the bad debt loans to adjust the loan. Assets are
acquired in exchange for loans during the period of financial statements. The assets are recognised as per
section 10 of the Bank Company Act 1991 and BRPD Circular No. 22, dated 20 September 2021.

2.16.09 Impairment of non-financial assets
The carrying amounts of the Group’s and the Bank's non-financial assets, other than deferred tax assets,
are reviewed at each reporting date to determine whether there is any indication of impairment. If any such
indication exists, then the asset’s recoverable amount is estimated. An impairment loss is recognised if the
carrying amount of an asset or its Cash Generating Unit (CGU) exceeds its estimated recoverable amount.
Impairment losses are recognised in profit or loss. Impairment losses recognised in respect of CGUs are
allocated first to reduce the carrying amount of any goodwill allocated to the CGU (group of CGUs) and
then to reduce the carrying amount of the other assets in the CGU (group of CGUs) on a pro rata basis.
Impairment losses recognised in prior periods are assessed at each reporting date for any indications that
the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the
estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent
that the asset’s carrying amount does not exceed the carrying amount that would have been determined,
net of depreciation or amortisation, if no impairment loss had been recognised.
2.17 Liabilities and Provision
2.17.01 Borrowing from other banks, financial institutions and agents
Borrowings from other banks, financial institutions and agents include borrowing from Bangladesh Bank,
inside and outside of Bangladesh. These items are brought to financial statements at the gross value of the
outstanding balance. Details are shown in Note 11.
2.17.02 Deposits and Other Accounts
Deposits and other accounts include non-interest-bearing current deposit redeemable at call, interest
bearing on demand and short-term deposits, savings deposit and fixed deposit. These items are brought to
account at the gross value of the outstanding balances. Deposits and other accounts include bills payable
have been analyzed in terms of the maturity grouping showing separately other deposits and inter-bank
deposits. Details are shown in Note 12.
2.17.03 IFRS 16:Lease
IFRS 16 Lease is effective for the annual reporting periods beginning on or after1January 2019.IFRS 16
defines that a contract is (or contains) a lease if the contract conveys the right to control the use of an
identified asset for a period of time in exchange for considerations. IFRS 16 significantly changes how a
lease accounts for operating lease.
Under previous IAS 17, an entity would rent an office building or a branch premises for several years with
such a rental agreement being classified as operating lease would have been considered as a balance sheet
item. However, IFRS 16 does not require a lease classification test and hence all lease should be accounted
for as on balance sheet item(except some limited exception i.e. short-term lease, lease for low value items.
Under IFRS 16, an entity shall be recognizing a right-of-use (ROU) asset (i.e. the right to use the office
building, branches, service centre, call centre, warehouse, etc) and a corresponding lease liability. The asset
and the liability are initially measured at the present value of unavoidable lease payments. The depreciation
of the lease asset (ROU) and the interest of the lease liability is recognized in the profit and loss account
over the lease term replacing the previous heading lease rent expense.
The Management is continuously assessing the recognition criteria of the components of IFRS 16 in its
financial statements covering the area of operations including the fixed assets and if found appropriate other
than the recognized area, will immediately be recognized as per the scope of IFRS 16- Leases accordingly.
Right-of-use assets (ROU):
The Bank recognizes right-of-use assets at the date of 01 January 2020. Right-of-use assets are measured
at cost, less any accumulated depreciation, and adjusted for any re-measurement of lease liabilities. Right-
of-use assets are depreciated on a straight-line basis over the lease term. The right-of-use assets are
presented under fixed assets.
Lease Liability:
At the commencement date of lease, the bank recognizes lease liabilities measured at the present value of
the lease payments to be made over the lease term using incremental borrowing rate at the date of initial
application. Lease liability is measured by increasing the carrying amount to reflect interest on the lease
liability, reducing the carrying amount to reflect the lease payments.
Short-term lease and leases of low value assets:
The Bank has elected not to recognize ROU assets and lease liabilities for leases of low value assets and
short-term lease, i.e. for which the lease term ends within 12 months of the date of initial application. The
Bank recognizes lease payments associated with these leases as an expense. The contracts for premises
with branches, head office Principal offices, regional offices are considered for lease calculation.

SONALI BANK PLC
The impacts of the new standard on lessees’ financial statements are :-

• An increase in recognized assets and liabilities.
• More lease expenses recognized in early periods of lease, and less in the later periods of a lease.
• A shift in lease expense classification from rental expenses to interest expense and depreciation.
2.17.03.01 Other liabilities
Other liabilities comprise items such as provision for loans and advances/investments/other assets,
taxation, superannuation fund, gratuity fund and off balance sheet exposure and also includes interest
payable, interest suspense, accrued expenses etc. Other liabilities are recognized in the balance sheet
according to the guidelines of Bangladesh Bank, Income Tax Act, 2023, IAS 37 and internal policy of the
Bank. Details are shown in Note 13.
2.17.04 Taxation
Income tax represents the sum of the current tax and deferred tax payable. Income tax assessment has been
finalized up to 1995 as well as the year 1999. Case pending for the year 1996 to 1998 and 2000 to 2022.
2.17.04.01 Current tax
The current tax payable is based on taxable profit for the year. Taxable profit differs from profit as reported in
the Profit and Loss Account because it excludes items of income or expense that are taxable or deductible.
The Bank's liability for current tax is calculated using tax rates that have been enacted or substantively
enacted by the date of Balance Sheet.
Provision for current income tax has been made as per Income Tax Act, 2023.
2.17.04.02 Deferred tax
Deferred tax is calculated on the taxable/deductible temporary differences between tax base and carrying
value of assets and liabilities as required by International Accounting Standards IAS 12: 'Income Taxes'.
Deferred tax is not recognised for the following temporary differences:
• on the initial recognition of assets or liabilities in a transaction that is not a business combination and at
the time of transactions, affects neither accounting nor taxable profit or loss; and
• on the initial recognition of goodwill.
Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax
liabilities against current tax assets, and they relate to income taxes levied by the same tax authority on
the same taxable entity, or on different tax entities, but they intend to settle current tax liabilities and
assets on a net basis or their tax assets and liabilities will be realized simultaneously. Deferred tax is
computed at the prevailing tax rate as per Finance Act 2023.
A deferred tax asset is recognized for deductible temporary differences to the extent that it is probable that future
taxable profits will be available against which they can be utilized. Deferred tax assets are reviewed at each reporting
date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized.
2.17.05 Employee benefit schemes
The retirement benefits and other employee benefits accrued for the employees of the bank as on
reporting date have been accounted for in accordance with the provisions of International Accounting
Standards-19-"Employee Benefit".
The bank operates two alternative retirement benefit schemes for its permanent employees, elements of
which are as follows:
1. Employees Contributory Provident Fund (CPF) Scheme
i. Employees’ contribution 10%
ii. Bank’s contribution 10%
iii. This fund is operated by a Trustee Board comprising seven (07) trustees.
iv. The CPF holders enjoy 13% rate of interest on the deposit of own & bank contribution in CPF account.
v. Gratuity (Pension Fund):
The Bank introduced the Gratuity scheme for the member of the Employees of Contributory Provident
Fund into which the Bank contributes 10% of the basic salary of its eligible employees. Employees bearing
contributory provident fund facilities are entitled gratuity for 2 months last basic pay drawn for each
completed year of service subject to completion of minimum 5 years of service.
2. Employees General Pension Fund Scheme
i. General Provident Fund (GPF)
Employees General Provident fund is operated from 13 September 1981. Employees opted for pension is
contributing 05%-25% as per their desire to GPF which is also operated by the same Trustee Board as CPF.
The bank does not contribute any amount against the employees to GPF.The employees also enjoy 13%
rate of interest on the deposit of GPF amount,

ii. Superannuation Fund (Pension and Death-Cum-Retirement Benefit (PDCRB) Scheme)
The bank operated a Pension Fund named as Pension and Death-Cum-Retirement Benefit (PDCRB) Scheme for
the employees of General Provident Fund into which the bank contributes 50% of the basic salary of its eligible
employees. Payments out of this fund are made to the employees on their separation from bank’s service.
2.17.05.01 Investment of the Pension/Gratuity Funds
The balance of Pension/Gratuity funds are partly invested in approved securities with a view to increasing the
Fund and remaining balance being utilized by the bank towards payment of retirement benefits to the employees.
2.17.05.02 Administration of the Funds
The Provident Fund, Pension Fund and Gratuity are being administered by Trustee Board which consists
of 07 (Seven) members representing Chief Executive Officer (Chairman of the Board), 2 (Two), Deputy
Managing Director (members of the Board), 3 (Three) General Managers (members of the Board), and 1 (one)
Deputy General Manager( CAD, Payment).
2.17.05.03 Benevolent Fund
This fund is mainly created for sanctioning scholarship to the meritorious students among the children
of the Bank employees. The distressed employees and family member of deceased employees are also
helped from this Fund.
2.17.05.04 Leave encashment
The Officer/Staff who has opted for Pension and General Provident Fund, will be entitled to leave
encashment facilities up to eighteen (18) months at the time of retirement as per letter No. MF/FD/
Reg-2/leave16/84/9, dated 21 January 1985 of Finance Division, Ministry of Finance, Government of
Bangladesh. But if a staff (not officer) has enjoyed leave encashment facilities before retirement, he will
be provided with the rest amount after deduction of the amount enjoyed earlier, as per letter No. MF/B &
1/Banking/2/1/80/101 dated 31 May 1980 of previous Banking & Investment Division, Ministry of Finance,
and Government of Bangladesh. The leave encashment benefit is paid to the incumbent debiting 'Charges
A/C Leave Encashment.
2.17.05.05 Death relief grant scheme
The Bank operates a death relief scheme since 1 January 1991, which replaced the previous group
insurance scheme. The scheme is applicable to all employees of the bank and payments out of this fund
are made to the successors of the employees on their death as per rate prescribed in the scheme.
2.17.06 Provision for liabilities
As per IAS 37, provisions are recognised when it is probable that an outflow of economic benefits will be
required to settle a current legal or constructive obligation as a result of past events, and a reliable estimate
can be made of the amount of the obligation.
2.17.06.01 Provision for Loans and Advances
Loans and advances are stated at gross amount. General provisions on unclassified loans and contingent
assets, specific provisions for classified loans and interest suspense account thereon are shown under
other liabilities. Provision against classified loans and advances is made on the basis of quarter and review
by the management and instructions contained in BRPD Circular Letter (BRPDCL) no. 20, dated 21 June
2023, BRPD circular (BRPDC) no. 11, dated 20 June 2023, BRPDC 6, dated 25 April 2023, BRPDCL 3,
2 February 2023, BRPDCL 53, dated 22 December 2022, BRPDCL 51, dated 18 December 2022,
BRPDC 14, dated 22 June 2022, BRPDC 4, dated 12 April 2022, BRPDCL 53, dated 30 December 2021,
BRPDCL 52, dated 29 December 2021, BRPDCL 51, dated 29 December 2021, BRPDCL 50, dated
14 December 2021, BRPDCL 45, dated 04 October 2021, BRPDC 19, dated 26 August 2021, BRPDC 05,
dated 24 March 2021, BRPDC 13, dated 27 June 2021, BRPDC 03, dated 31 January 2021, BRPDCL 56,
dated 10 December 2020, BRPDCL 52, dated 20 October 2020, BRPDCL 16, dated 21 July 2020, BRPDC
3, dated 23 April 2019, BRPDC 1, dated 20 February 2018, BRPDC 15, dated 27 September 2017, BRPDC 12,
dated 20 August 2017, BRPDC 16, dated 18 November 2014, BRPDC 05, dated 29 May 2013.
2.17.07 Provision for other assets
As per BRPD Bangladesh Bank BRPD circular no. 4, dated 12 April 2022, provisions has been maintained
50% for doubtful and 100% for bad/loss.
2.17.08 Other Provisions and accrued expenses
In compliance with IAS 37, Provisions and accrued expenses are recognized in the financial statements
when the bank has a legal or constructive obligation as a result of past event, it is probable that an outflow
of economic benefit will be required to settle the obligation and a reliable estimate can be made of the
amount of the obligation.
2.17.09 Provision for Off-Balance Sheet Exposures
As per BRPD circular 6, dated 25 April 2023, general provision at 0.50% to 1% is required based on type and
conditions of off-balance sheet exposures.

SONALI BANK PLC
2.17.10 Provision for Nostro Accounts

As per FEPD Circular no. FEOD(FEMO)/01/2005-677, dated 13 September 2005 and Bangladesh Bank
BRPD circular no. 4, dated 12 April 2022, the Bank classifies the un-reconciled debit entries older
than 6 months as "Doubtful" and maintains 50% provision against them and classifies un-reconciled debit
entries older than 1 year as "Bad/Loss" and maintains 100% provision against them as at Balance Sheet date.
2.18 Capital and Shareholders’ Equity
2.18.01 Capital Management
The bank has strategic capital management process for measuring, deploying and monitoring its available
capital and assessing its adequacy. The aim of this capital management process is to achieve four major
objectives; exceed regulatory thresholds and meet long-term internal capital targets, maintain strong
credit rating, manage capital levels commensurate with the risk profile of the bank and provide the banks
shareholder with acceptable returns.
Capital is managed in accordance with the board approved capital management planning from time to
time. Senior management develops the capital strategy and oversees the capital management planning of
the bank. The bank's finance and risk management department are key to implementing the bank's capital
strategy and managing capital. Capital is managed using both regulatory control measure and internal matrix.
2.18.02 Authorised capital
Authorised capital is the maximum amount of share capital that the Bank is authorised by its Memorandum
and Articles of Association to issue (allocate) among shareholders. This amount can be changed by
shareholders' approval upon fulfilment of relevant provisions of the Companies Act, 1994. Part of the
authorised capital usually remains unissued. The part of the authorised capital already issued to shareholders
is referred to as the issued share capital of the Bank.
2.18.02.01 Paid up capital
The paid up capital share capital represents total amount of shareholder capital that has been paid in full
by the Government of Bangladesh i.e. ordinary shareholder. In the event of winding-up of the company
ordinary shareholder(s) rank after all other shareholders and creditors are fully entitled to any residual
proceeds of liquidation.
2.18.03 Statutory reserve
As per the Bank Company Act 1991 (Amended to date) (Section 24) it is required for the bank to transfer
20% of its current year's profit before tax to reserve until such reserve equals to its paid up capital.
2.18.04 Dividends on ordinary shares
Dividends on ordinary shares are recognized as a liability and deducted from equity when they are approved
by the Banks shareholders. Dividends for the year that are approved after the reporting date are disclosed
as an event after the reporting date.
2.18.05 Revaluation Reserve
2.18.05.01 Assets Revaluation Reserve
When an asset's carrying amount is increased as a result of a revaluation, the increase amount should be
credited directly to equity under the heading of revaluation surplus/ reserve as per International Accounting
Standards IAS-16: 'Property, Plant and Equipment'. The tax effects on revaluation gain are measured and
recognized in the financial statements as per International Accounting Standards IAS-12: 'Income Taxes'.
2.18.05.02 Revaluation Reserve for HTM & HFT
All HTM securities are amortized at the year end and any increase or decrease of such investment is
booked to equity. In case of HFT revaluation, decrease in the present value is recognized in the profit and
loss account and any increase is booked to Revaluation Reserve Account through Profit and Loss Account
as per Bangladesh Bank DOS circular letter no. 5, dated 26 May 2008, DOS circular no. 5, dated 28 January 2009,
DOS(SR) 1153/120/2010, dated 8 December 2010 and DOS circular no. 27, dated 4 December 2023.
2.18.06 Contingent liabilities and Contingent assets
A contingent liability is any possible obligation that arises from the past events and the existence of which
will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not
wholly within the control of the Bank; or any present obligation that arises from past events but is not
recognized because:
• it is not probable that an outflow of resources embodying economic benefits will be required to settle
the obligation; or
• the amount of the obligation cannot be measured with sufficient reliability.
Contingent liabilities are not recognized but disclosed in the financial statements unless the possibility of
an outflow of resources embodying economic benefits is reliably estimated. Contingent assets are not
recognized in the financial statements as this may result in the recognition of income which may never
be realized.

2.19 Revenue recognition
The revenue during the year has been recognized following all conditions of BB guidelines, IAS 32 Financial
Instruments: Presentation, IFRS 7 Financial Instruments - Disclosures and IFRS 9 Financial Instruments and
IFRS 15 Revenue from Contracts with Customers.
2.19.01 Interest income
Interest on loans and advances is calculated on daily product basis and accrued at the end of each month,
but charged to customers' accounts on quarterly basis.
In accordance with BRPD Circular no. 14, dated 23 September 2012 as amended by BRPD Circular No. 19,
dated 27 December 2012 and BRPD Circular no. 56, dated 10 December 2020, interest accrued on sub-
standard loans and doubtful loans are credited to an “Interest Suspense Account” which is included within
“Other liabilities”. Interest from loans and advances ceases to be accrued when they are classified as bad/
loss. It is then kept in interest suspense in a memorandum account.
2.19.02 Investment income
Income on investments is recognized on accrual basis. Investment income includes discount on treasury
bills, interest on treasury bonds and fixed deposit with other banks. Capital gain on investments in shares is
also included in investment income. Capital gain is recognized when it is realized.
2.19.03 Fees and commission income
• Commission charged to customers on letters of credit and letters of guarantee are credited to income at
the time of effecting the transactions.
• Fees and Commission on bills discounted, purchased & others are recognized at the time of realization.
• Exchange gains or losses arising out of such transactions are recognized as income or expense for the
year foreign currency transactions are converted into BDT at prevailing on the dates of such transactions
and dealt with exchange account.
2.19.04 Dividend income on shares
Dividend income from shares is recognized during the period in which they are declared and actually received.
2.19.05 Other operating Income
Other operating income is recognized at accrual basis.
2.19.06 Profit/Loss of Overseas Branches
Profit/loss of the bank’s overseas branches has been reflected in this profit and loss account.
2.19.07 Interest paid on Deposit and Borrowing
Interest paid on Deposit and Borrowing and others expenses are recognized as accrual basis.
2.19.08 Management and other expenses
Expenses incurred by the Bank are recognized on actual and accrual basis.
2.19.09 Regulatory & Legal Compliance
The bank has complied with the requirement of the following regulatory & legal authorities:
i) The Bank-Company Act, 1991 (amended to date)
ii) The Companies Act, 1994
iii) Rules, regulations and circulars issued by the Bangladesh Bank from time to time
iv) Securities and Exchange Ordinance, 1969
v) Securities and Exchange Commission Rules, 2020
vi) Income Tax Act, 2023
vii) The Value Added Tax & Supplementary Duty Act, 2012
viii) The Value Added Tax & Supplementary Duty Rules, 2016
ix) Bangladesh Labor Act, 2006 (amended 2013) and Labor Rules, 2015
x) Financial Reporting Act, 2015; and
xi) Other applicable laws and regulations.
2.19.10 Reconciliation of inter-bank and inter-branch account
Accounts with regard to interbank ( in Bangladesh and outside Bangladesh ) are reconciled regularly and
there are no material differences that may affect the financial statements significantly.
2.19.11 Segment reporting
As per IFRS 8 “Operating Segments”, an operating segment is a component of an entity:
i) That engages in business activities from which it may earn revenues and incur expenses (include revenues
and expenses relating to transactions with other components of the same entity.
ii) Whose operating results are regularly reviewed by the entity’s chief operating decision maker to make
decisions about resources to be allocated to the segment and assess its performances, and
iii) For which discrete financial information is available.

SONALI BANK PLC
For the purpose of Segment Reporting as per International Financial Reporting Standard 8, the following
segments relating to revenue, expenses, assets and liabilities have been identified and shown in the related
notes accordingly as primary/secondary segments.
i) Domestic operations in line with geographical segments;
ii) Banking operations comprising of branches of the banking entity; and
iii) Treasury operations comprising of the banking entity.
Performance is measured based on segment profit before provision, as included in the internal management
reports that are reviewed by the Bank’s Management. Segment report is used to measure performance
as Management believes that such information is the most relevant in evaluating the results of certain
segments relative to other entities that operate within these industries.
2.19.11.01 Operating segments
The Bank has seven reportable segments, as described below, which are the Bank's strategic business
units. The strategic business units offer different products and services, and are managed separately based
on the Bank's management and internal reporting structure. For each of the strategic business units, the
Bank Management Committee reviews internal management reports on at least a quarterly basis. The
following summary describes the operations in each of the Bank's reportable segments:
Includes loans, deposits and other transactions and balances with

i. Loans & Advances
corporate customers & retail customers.
Undertakes the Bank's funding and maintenance of CRR and SLR,

Asset-liability management through borrowings and placement,
ii. Treasury
currency swap and investing in liquid assets such as short-term
placements and corporate and government debt securities.
Two (02) overseas branches of Sonali Bank PLC are situated at Kolkata
iii. Overseas Branches & Siliguri in India and operating banking business, money remittance
(Kolkata, Siliguri) etc. as per the head office instructions and other activities as
permitted under the banking law of India.
Sonali Exchange Company Incorporated (SECI), USA, subsidiary

company of Sonali Bank PLC operates its business in USA. It
iv. Sonali Exchange Company
performs the activities of money remittance, issue cheques, payment
Incorporated (SECI), USA
instruments and traveler's cheque and other activities as permitted
under the banking law of USA.
Established to do all kinds of merchant banking activities including

v. Sonali Investments Limited issue management, underwriting, portfolio management and other
transactions.
Sonali bank (UK) Limited restructured as Sonali Bangladesh(UK)

Limited and allowed to continue its Business as a Trade Entity/
vi. Sonali Bangladesh (UK) Limited
FI, approved by Bangladesh Bank vide, BRPD(OBS) Letter
no.204/01(2)/2023/ 3228, Dated-27/04/2023.
Sonali Pay UK Limited is an Authorized Payment Institution (API) under

vii. Sonali Pay UK Limited the trading name Sonali Pay in the UK. SonaliPay is a 100% owned
subsidiary of Sonali Bank PLC, Bangladesh.
2.19.12 Directors' responsibility on financial statements

The directors are responsible for the preparation and fair presentation of the consolidated and separate financial
statements in accordance with International Financial Reporting Standards (IFRS), The Bank-Company Act, 1991, The
Companies Act, 1994, Financial reporting Act, 2015 and other related laws and regulations pertaining to the financial
statement.
The Board of Directors accept their responsibility for the preparation and fair presentation of these financial statements.
2.20 Consolidation of the Financial Statements
Consolidation of the Financial Statements is started from 2011.

2.21 Risk Management
The Bank Company Act, 1991 (Amended to date) and the Bangladesh Bank Regulations require the
Management to ensure effective internal audit, internal control and risk management functions of the
Bank. The Management is also required to make a self-assessment on the effectiveness of anti-fraud
internal controls and report to Bangladesh Bank on instances of fraud and forgeries.
Bangladesh Bank Department of Off-site Supervision (DOS) has issued Circular no. 02, dated 15 February 2012
on Risk Management Guidelines for Banks and instructed all scheduled banks operating in Bangladesh to
follow this Guidelines for managing various risks which have been compiled by the Bank.
In addition, the Bank is also following relevant Bangladesh Bank guidelines on risk based capital adequacy,
stress testing and managing the banking risks in other core risk areas.
The Bank has established a Risk Management Division (RMD). The RMD conducts stress testing for examining
the Bank's capacity of handling future shocks, as well as deals with all potential risks that might occur in future.
Being a financial institution, in the ordinary course of business, the bank is sensitive to verities of risks. The
generic severity of such risk(s) is much intense in our locality due to presence of large number of banks
and complex financial transactions. In such highly competitive environment to ensure a bank’s consistent
system and performance, the presence of strong Risk Management culture is obligatory. Being compliant,
the bank is now looking forward to take risk management practice to a different level, i.e. preventing risk
before occurrence rather than a reactive manner; on a proactive basis. As a part of regulatory and global
benchmarking the bank has based upon 07(seven) core risks guidelines of Bangladesh Bank and Basel
framework. Listed below are the identified risks the bank is currently managing or intents to manage:
• Internal Control and Compliance Risk
• Foreign Exchange Risk
• Credit Risk
• Asset Liability Management Risk
• Money Laundering Risk
• Information & Communication Technology Security Risk
• Environmental Risk
Accordingly the bank has various high powered committees to monitor and ensure smooth risk management
activities. For example, Board Risk Management Committee, high powered central Risk Management
Committee, Departmental Risk Management Committee, Asset Liability Management Committee (ALCO),
Investment Committee, Credit Committee (CC) etc. To manage the overall risks of the bank in line of Basel
the bank has formed a dedicated Core Risk Management & Basel-II Implementation Division. The detail of
SBL’s risk management is stated below:
a) Internal Control and Compliance Risk
Establishment of sound control environment and effective compliance culture is the key stone of managing
operational risk. Internal control is a process to control overall activities of the Bank through establishing
policies, procedures, observance of instructions of regulatory authorities with a view to avoid any possible
loss from the lack of corporate governance.
To mitigate the operational risk, the Bank ensured effective internal control systems for all of its operational
activities by intensifying the internal audit function, comprehensive and risk based inspection in all branches
and Head Office. The Compliance Division ensures the settlement of objections or irregularities mentioned
in the audit reports under a strong monitoring process of the Management Committee (MANCOM).
Besides there is a division named Vigilance and Control Division under the direct supervision of Chief
Executive Officer to act at any sudden occurrence of loss or irregularities.
The Bank with the support of an Expert Team, has undertaken a program for upgrading its Internal Control
and Compliance policy as well as other policies in the area of credit, audit, information technology and
accounts as per international best practices.
b) Foreign Exchange Risk Management
Foreign Exchange Risk is defined as the possibility of losses due to change in exchange rates interest rate
etc. according to market forces. The Foreign Exchange Risk of the Bank is minimal as all the transactions
are carried out on behalf of the customers against underlying Foreign Exchange transactions.
Treasury Division independently conducts the transactions and the Back Office of Treasury is responsible for
verification of the deals and passing of their entries in the books of account. Mid office coordinates the work
in between front office and back office functioning. All foreign exchange transactions are revalued at Mark-to-
Market rate as determined by Bangladesh Bank at the month -end. All NOSTRO accounts are reconciled on
regular basis and outstanding entries beyond 30 days are reviewed by the Management for their settlement.

SONALI BANK PLC
c) Credit Risk
Credit risk is one of the crucial risk faced by the Bank. This can be described as potential loss arising
from the failure of a counter party (borrower) to perform as per contractual agreement with the Bank.
The failure may result from unwillingness of the counter party or decline in his/her financial condition.
Therefore, Bank's credit risk management activities have been designed to address all these issues. The
Bank has segregated duties of the Officers/Executives involved in credit related activities. Credit approval,
administration, monitoring and recovery functions have been segregated. For this purpose, three separate
divisions have been formed. These are credit division, credit monitoring & recovery division and law
division. Credit division is entrusted with the duties of maintaining asset quality, assessing risk in lending to
a particular customer, sanctioning credit, formulating policy/strategy for lending operation, etc.
There is a high power credit committee who manages the credit risk of the bank. A thorough assessment
is done before sanction of any credit facility at credit division. The risk assessment includes borrower
risk analysis, financial analysis, industry analysis, historical performance of the customer, security of the
proposed credit facility, etc. All credit proposals have been placed in credit committee for sanction or make
decline. Managing Director is the Chairman of credit committee. Loans having big exposures are placed
before the Board of Directors of the Bank for sanction.
In determining single borrower/large loan limit, the instructions of Bangladesh Bank are strictly followed.
Internal audit is conducted on periodical interval to ensure compliance of Bank's and Regulatory policies.
Loans are classified as per Bangladesh Bank's guidelines.
d) Asset Liability Management Risk
Bank has high powered Asset Liability Management Committee (ALCO) to monitor Balance Sheet Risk
and liquidity Risks of the Bank. The Balance Sheet Risk is determined as potential change in earnings
due to change in rate of interest foreign exchange rates and regulatory instructions, which are not of
trading nature. Asset Liability Committee (ALCO) reviews Liquidity requirement of the Bank, the maturity of
assets and liabilities, deposits and lending, pricing strategy and the Liquidity contingency plan. The primary
objective of the Asset Liability Committee (ALCO) is to monitor and avert significant volatility in Net Interest
Income (NII), investment value and exchange earnings for the purpose of taking future action plan for
better interest of the organization.
e) Money Laundering Risk
Risk Associates with probable Money laundering activities is one of the major risk in the area of banking
sector. Money Laundering risk is defined as the loss of reputation and expenses incurred as penalty for
being negligent in prevention of money laundering. For mitigating the risk the Bank has designated Chief
Compliance Officer at Head Office and Compliance Officer at Branches, who independently review the
transactions of the accounts to verify suspicious transactions.
Manuals for Prevention of Money Laundering, KYC and Transaction profile have been introduced. Training
has been imparted to Executives, Officers and staff for developing awareness and skill for identifying
suspicious transactions and other Money Laundering related activities.
f) Information & Communication Technology Security Risk
IT Guideline is a systematic approach to policies required to be formulated for IT and also to ensure
security of information and information systems. This guideline covers all information that is electronically
generated, received, stored, printed, scanned and typed. The provisions of this guideline apply to:
1. Sonali Bank PLC for all of its IT system.
2. All activities and operations required ensuring data security including facility design, physical security,
network security, disaster recovery and business continuity planning, use of hardware and software, data
disposal and protection of copy rights and other intellectual properly rights.
The implementation of Core Banking Solution (CBS) will be linked from the branches to the central database.
Near future the information will be easily accessible by senior management and is expected to be important
source of information of strategic decision-making process based on a comprehensive database. It is to be
declared that the Bank is fully compliant according to the guideline of Central Bank’s IT policy.
g) Environmental Risk
Environmental Risk is the new concern in the banking arena. Bank authority is very much aware about this.
In compliance with Bangladesh Bank's instructions and guidelines regarding environmental risk, all the
activities of the bank are being carried on. Specially, to approve the credit proposal, Bank Credit Committee
meticulously review the compliance status of the borrower regarding environmental requirement.

2.22 Risk Management Committee Disclosure
A Risk Management Committee, comprising Directors of the Board has been formed in consistence with the
Bank Company Act 1991 (Amended to date) and directives of the BRPD Circular no. 2, dated 11 February 2024
and the previous BRPD Circular No. 11, dated 27 October 2013 of Bangladesh Bank. Bank's risk management
approach includes minimizing undue concentrations of exposure, limiting potential losses from stress events
and ensuring the continued adequacy of all our financial resources. The committee is playing a vital role in risk
management of the bank. It has a long term plan to develop risk management culture in the bank.
The risk management committee comprising of four members including chairman who are competent
and professionally skilled and also the director of the board. The name and status of the member of the
Board Risk Management Committee are stated as follows:
Sl. No. Name Designation Status in the committee

2 Mrs. Dr. Daulatunnaher Khanam Director Member
The risk management committee of the Board of Directors has been formed soon after the Central Bank's
instruction. The committee conducted 08 meetings in 2023 where the following issues have been discussed:
• Formulated risk management strategies, methodologies, guidelines and processes for risk identification,
risk assessment, risk controlling and monitoring.
• Designed a suitable organization structure for risk controlling. The committee will form separate risk
management committee in management level and supervise their activities for compliance of instruction
regarding credit risk, foreign exchange risk, internal control and compliance risk, money laundering risk,
ICT risk and environmental risk.
• Reviewed and updated all risk management policies and guidelines at least once in a year, if necessary
they will propose and place before the Board of Director for final approval.
• Evaluated, assessed and approved the record keeping and reporting system formulated by the bank management.
• Supervised the implementation of overall risk management policies and steps taken for mitigation of
credit risk, market risk and operational risk along with other risks.
• Submitted the report of decision and recommendation made by the committee to the Board on a quarterly basis.
• Followed the instruction circulated by the controlling authority etc.
2.23 Audit committee Disclosure
In compliance with the policy directives as well as compliance with the BRPD Circular no. 2, dated 11
February 2024 and the previous BRPD Circular No. 11 dated 27 October 2013 of Bangladesh Bank, an audit
committee of the board of Sonali Bank PLC was constituted by the Board of Directors in its 615th meeting
held on 15 March 1999 and thereafter lastly reconstituted in the 746th board meeting of Sonali Bank PLC
held on 09 November 2021. The audit committee comprises four members including the chairman who
are competent and professionally skilled and also the director of the board. The company secretary acts
as a secretary of the audit committee. The name and status of the member of the audit committee are
stated as follows:
Sl. No. Name Designation Status in the committee

1 Mr, Gopal Chandra Ghosh Director Chairman
2 Mrs. Dr. Daulatunnaher Khanam Director Member
During the year 2023, the Audit Committee of the Board conducted 10 (Ten) meetings which the following
important issues were reviewed/discussed along with others:
• Oversee the financial reporting process & liquidity position of the bank at regular basis.
• Reviewed internal & external auditors findings on the irregularities both major & significance at different
branches of the bank and reference those to the Board with appropriate recommendation for decision,
reviewed draft & audited financial statements for the year 2022.
• Reviewed performance of internal audit 2023.
• Reviewed the reconciliation performance of inter branch transaction accounts and advised the
management to keep it regular.

SONALI BANK PLC
• Reviewed the comprehensive inspection report on SBL by Bangladesh bank as on 31.12.2023.

• Reviewed the cash holding position of different branches & advise the management to ensure
maintenance of optimum level of cash to reduce idle cash in hand as per as practicable.
• Reviewed existing policy of ICC, Risk Grading, Credit Policy, Quarterly Risk Management Paper etc. and
made recommendation to Board for approval.
• Reviewed unaudited quarterly & half yearly financial statements of the bank for the year 2023.
• Monitor internal control risk management process.
• Discussed and reviewed annual budget 2023 & revised budget 2022 and recommended to the board
with some amendments.
• Reviewed the compliance status of audit objections and advised the management to ensure full
compliance of regulatory, legal and significant issues meticulously.
• Reviewed the audit rating by internal audit on Anti Money Laundering of all branches for the year 2022.
• Discuss and reviewed the effectiveness of annual audit plan 2023 and made recommendation to the board
for approval with suggested amendments.
• Reviewed existing risk management procedures along with implementation of core risk management
guidelines and advised the managements to implement the same more effectively.
• Reviewed the audit report of the subsidiaries and directing the authority to take necessary action as appropriate.
2.24 Credit Rating of the Bank
As per the BRPD circular no. 6, dated 5 July 2006, the Bank has done its credit rating by Emerging Credit
Rating Limited based on the financial statements of Sonali Bank PLC dated 31 December 2022. The
following ratings had been awarded:
Date of Declaration Valid till Rating Mode Long Term Short Term Outlook
Govt. Support AAA ST-1
30-Jun-23 29-Jun-24 Stable
Without Govt. Support A+ ST-2
2.25 Implementation of BASEL-III

Banks operating in Bangladesh are maintaining capital since 1996 on the basis of risk weighted assets in line
with the Basel Committee on Banking Supervision (BCBS) capital framework published in 1988. Considering
present complexity and diversity in the banking industry and to make the Bank’s capital more risk-sensitive as
well as to improve the banking sector’s ability to absorb shocks arising from financial and economic stress,
Bangladesh Bank provides revised regulatory capital framework “Risk Based Capital Adequacy for Banks”
which is effective from 1 January 2009. Both the existing capital requirement rules on the basis of Risk
Weighted Assets and revised Risk Based Capital Adequacy Framework for Banks as per Basel-II were followed
simultaneously initially for one year. For the purpose of statutory compliance during the period of parallel
run i.e. 2009, the computation of capital adequacy requirement under existing rules prevailed. On the other
hand, revised Risk Based Capital Adequacy Framework as per Basel-II had been practiced by the Banks during
2009 so that Basel-II recommendation could effectively be adopted from 2010. From January 2010, Risk
Based Capital Adequacy Framework as per Basel-II have been fully practiced by the Banks replacing the
previous rules under Basel-I. Bangladesh Bank adopted "Guidelines on Risk Based Capital Adequacy (Revised
Regulatory Capital Framework for Banks in line with Basel-III)" as per BRPD circular no. 18, dated 21 December
2014 replaced of "Guidelines on Risk Based Capital Adequacy (Revised Regulatory Capital Framework for
Banks in line with Basel-II)". This circular shall come into force with effect from 01 January 2015. These new
global regulatory and supervisory standards mainly addressed the following areas:
1. Pillar-1 :
a) Minimum Capital Requirement (MCR);
b) Assessment of total Regulatory Capital;
c) Calculation of total Risk Weighted Assets;
d) Calculation of Capital to Risk Weighted Assets Ratio (CRAR);
e) Raise the quality and level of capital to ensure banks are better able to absorb losses on both a going
concern and a gone concern basis;
f) Increase the risk coverage of the capital framework;
g) Introduce Leverage Ratio (LR) to serve as a backstop to the risk-based capital measure;
h) Calculation of Liquidity Coverage Ratio (LCR) and
i) Calculation of Net Stable Funding Ratio (NSFR).
2. Pillar-2 :
a) Raise the standards for the supervisory review process ; and the main aspects of a rigorous SRP are as follows :
• Board and senior management oversight,
• Sound capital assessment,
• Comprehensive assessment of risks,
• Monitoring and reporting,
• Internal control review.

b) Preparation of ICAAP (Internal Capital Adequacy Assessment Process) documents for assessing its overall
risk profile and a strategy for maintaining adequate capital.
c) SRP – SREP dialogue.
3. Pillar-3 :
a) Market Discipline/Public disclosures etc.
i) Capital to Risk Weighted Assets Ratio (CRAR)*
The Capital Adequacy Ratio (CAR) has been newly defined as Capital to Risk Weighted Asset Ratio (CRAR)
which is calculated by taking eligible regulatory capital as numerator and total RWA as denominator.
Total Eligible Capital
CRAR =
Credit RWA+Market RWA+Operational RWA
ii) Leverage Ratio*
In order to avoid building-up excessive on and off-balance sheet leverage in the banking system, a simple,
transparent, non-risk based leverage ratio has been introduced. The leverage ratio is intended to achieve the
following objectives:
a) Constrain the build-up of leverage in the banking sector which can damage the broader financial system
and the economy.
b) Reinforce the risk based requirements with an easy to understand and a non-risk based measure.
A minimum Tier 1 leverage ratio of 3.25% is being prescribed both at solo and consolidated level.
The banks will maintain leverage ratio on quarterly basis. The calculation at the end of each calendar quarter
will be submitted to BB showing the average of the month end leverage ratios based on the following
definition of capital and total exposure.
Tier 1 Capital (after related deductions)
LR =
Total Exposure (after related deductions)
iii) Liquidity Coverage Ratio (LCR)*
LCR or Liquidity Coverage Ratio is a new liquidity standard introduced by the Basel Committee. This standard
is built on the methodologies of traditional liquidity coverage ratio used by banks to assess exposure to
contingent liquidity events. LCR aims to ensure that a bank maintains an adequate level of unencumbered,
high-quality liquid assets that can be converted into cash to meet its liquidity needs for 30 calendar days.
LCR goes beyond measuring the need for liquid assets over the next 30 days in a normal environment.
It measures the need for liquid assets in a stressed environment, in which deposits and other sources of
funds (both unsecured and secured) run off, to various extents, and unused credit facilities are also drawn
down in various magnitudes. These runoffs are in addition to contractual outflows.
Stock of quality liquid assets
LCR= ≥ 100%
Total net cash outflows over the next 30 calendar days
iv) Net Stable Funding Ratio (NSFR)*

NSFR or Net Stable Funding Ratio is another new standard introduced by the Basel Committee. The NSFR
aims to limit over-reliance on short-term wholesale funding during times of abundant market liquidity
and encourage better assessment of liquidity risk across all on off-balance sheet items. The minimum
acceptable value of this ratio is 100 percent, indicating that available stable funding (ASF) should be at least
equal to required stable funding (RSF). ASF consists of various kinds of liabilities and capital with percentage
weights attached given their perceived stability. RSF consists of assets and off-balance sheet items, also
with percentage weights attached given the degree to which they are illiquid or “long-term” and therefore
requires stable funding. The time horizon of the NSFR is one year. Like the LCR, the NSFR calculations
assume a stressed environment.
Available amount of stable funding (ASF)
NSFR=
Required amount of stable funding (RSF)
≥ 100%
The calculation of the NSFR requires two quantities to be defined :

A. available stable funding (ASF) and
B. required stable funding (RSF).
NSFR is met if ASF exceeds RSF, that is if ASF/RSF > 1 or 100%.
2.26 Related party disclosures
As per International Accounting Standards IAS-24 'Related Party Disclosures', parties are considered to be
related if one of the parties has the ability to control the other party or exercise significant influence over
the other party in making financial and operating decisions. The company carried out transactions in the
ordinary course of business on an arm's length basis at commercial rates with its related parties. Related
party disclosures have been given in Note 46 and 47.

SONALI BANK PLC
2.27 Litigation
The bank is not a party to any lawsuits except those arising in the normal course of business, which were
filled against the default clients for non-performance in loans repayment and against various level of tax
authority regarding some disputed tax issue. The bank, however, provides adequate provisions as per
guidelines of IAS 37 incompliance with Bangladesh Bank guidelines.
2.28 Loan Write off
Write off describes a reduction in recognized value. It refers to recognition of the reduced or zero value of an
asset. Generally, it refers to loan for which a return on the loan is now impossible or unlikely. The item's potential
return is thus cancelled and removed from (Written off) the banks statement of financial position. Recovery against
debts written off / provided for is credited to provision or revenue considering the previous position of the loans.
2.29 Compliance with Financial Reporting Standards as applicable in Bangladesh
The financial statements of the Bank have been prepared in accordance with the following International Financial
Reporting Standards (lFRSs) as adopted by the Financial Reporting Council (FRC) and the requirements of the Bank-
Company Act, 1991 (as amended up to date), the rules and regulations issued by Bangladesh Bank, the Companies
Act, 1994. In case any requirement of the Bank-Company Act, 1991 (as amended up to date), and provisions and
circulars issued by Bangladesh Bank differ with those of IFRSs, the requirements of the Bank-Company Act, 1991
(as amended up to date), and provisions and circulars issued by Bangladesh Bank shall prevail. Material deviations
from the requirements of IFRSs are mentioned above under note no. 2.02 Statement of Compliance.
Name of the IASs/IFRSs IASs/IFRSs No. Status

Presentation of Financial Statements 1 Applied*
Inventories 2 N/A
Statement of Cash Flows 7 Applied*
Accounting policies, Changes in accounting Estimates and Errors 8 Applied
Events after the Reporting Period 10 Applied
Income Taxes 12 Applied
Property, Plant and Equipment 16 Applied
Employees Benefits 19 Applied
Accounting for Government Grants and Disclosure of Government Assistance 20 N/A
The Effects of Changes in Foreign Exchange Rates 21 Applied
Borrowing Costs 23 N/A
Related Party Disclosures 24 Applied
Separate Financial Statements 27 Applied
Investment in Associates & joint venture 28 Applied
Earning Per Share 33 Applied
Interim Financial Reporting 34 Applied*
Impairment of Assets 36 Applied
Provision, Contingent Liabilities and Contingent Assets 37 Applied
Intangible Assets 38 Applied
Investment Property 40 N/A
Agriculture 41 N/A
First-time Adoption of Bangladesh Financial Reporting Standards 1 N/A
Share-Based Payment 2 N/A
Business Combinations 3 Applied
Insurance Contracts 4 N/A
Non-Current Assets Held for Sale and Discontinued Operations 5 N/A
Exploration for and Evaluation of Mineral Resources 6 N/A
Financial Instrument: Disclosures 7 Applied*
Operating Segments 8 Applied
Financial Instruments 9 Applied*
Consolidated Financial Statements 10 Applied
Joint Arrangements 11 N/A
Disclosure of Interests in Other Entities 12 Applied
Fair Value Measurements 13 Applied
Regulatory Deferral Accounts 14 N/A
Revenue from Contracts with Customers 15 Applied
Leases 16 Applied
Insurance Contracts 17 N/A
* Subject to departure described in Note 2.02 Statement of Compliance.

2.29.01 Standards, interpretations of and amendments to the IFRSs that effective from subsequent period
The following new standards and amendments to standards are effective for the annual reporting periods
beginning on or after 1 January 2024 and earlier application is permitted, but the Bank has not early adopted:
- IFRS 18 Presentation and Disclosure in Financial Statements.
- IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information
- IFRS S2 Climate-related Disclosures
- Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2).
- Definition of Accounting Estimates (Amendments to IAS 8).
- Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12).
- Lease liability in a Sale and Leaseback (Amendments to IFRS 16).
- Classification of Liabilities as Current or Non-current (Amendments to IAS 1).
Based on initial assessment management has concluded that none of these new and amended standards
are expected to have a significant impact on the Bank’s financial statements.
2.30 Corporate Social Responsibility (CSR)
Bank authority is very much concern about responsibility to the society people. With industrialization,
the impacts of business on society and the environment assumed an entirely new dimension. For this
Corporate Social Responsibility has become a criterion of socially lawful business Endeavour and the
acceptance of it, is growing day by day. Countries of developed economy have taken the idea of ''Social
Responsibility''. Being the largest state owned commercial bank in Bangladesh, Sonali Bank Ltd. has also
realized its responsibilities to the society and contributed to the amelioration of the social life of the
destitute people, infrastructure and environment etc. within the framework of Bangladesh Bank guidelines.
2.31 Off Balance Sheet items
Under general banking transactions, liabilities against acceptance, endorsements, and other obligations
and bills against which acceptance has been given and claims exists there against, have been shown as off
balance sheet items.
Off Balance Sheet items have been disclosed under contingent liabilities and other commitments as per
As per BRPD circular 6, dated 25 April 2023, general provision at 0.50% to 1% is required based on type
and conditions of off-balance sheet exposures. Bank has maintained sufficient provision in the books of
accounts against off balance sheet exposure.
2.32 Fraud and Forgeries
2.32.01 Fraud Prevention Process
Based on DOS circular letter no. 17, dated 7 November 2012 issued by Bangladesh Bank, the following
areas for self assessment of Anti-Fraud Internal Controls are addressed by the Bank:
• General Banking and Operation (GBO);
• Loans and Advances (LA); and
• Information and Communications Technology (ICT)
In addition to the above self assessment, the following process followed by the management:
i) Additional security devices are incorporated, not only within the bank premises but also in the instruments
given to their numerous clients.
ii) In recruiting key personnel who are to handle certain sensitive operations, it is essential that bank makes
comprehensive efforts at conducting a proper background check on the status and nature of the employee
in his or her neighborhood, as this would help them establish the probability of the employee engaging in
fraudulent activities.
iii) Regular need assessment to increase the ability of bank's staff in detecting fraud especially those related
to cheques and money transfers. This can be achieved through a combination of internal and external
modules of on the job training and off the job training exercises.
iv) Continuously review the code of ethics and code of conduct to reduce the probable tendency for
fraudulent behavior of the employees. It is believed that if employees are well motivated to the bank, the
incidence of frauds will be reduced.
v) Favorable financial awards and recognition should be given to employees who show dexterity in identifying
and preventing fraud.
vi) Top management must also strive to maintain a high degree of ethical standards in the performance of
their duties, in view of the fiduciary nature of their functions. This is imperative as they are by law required
to safeguard the assets of their banks.
vii) The internal audit divisions of bank should not be seen as a dumping ground for non-performing staff. Staff
deployed into this department should be sufficiently qualified, properly trained and adequately experienced
in all facets of banking operation.

SONALI BANK PLC
2.33 Internal Audit Process

Internal Audit Division as independent from the part of Management, is committed to standards of best professional
practice on internal audit. The basic steps in the internal audit processes followed by the bank are stated below:
1) Audit Planning Process
The basic audit planning process consists of two phases: the assessment of business risk and the
development of the annual plan. Assessing of business risk focuses on viz. (i) defining auditable units, (ii)
defining the risk criteria, (iii) constructing the risk model and (iv) ranking the auditable units.
i) Defining Auditable units
Auditable units are defined as individual applications, business units, departments or offices each of these
approaches either limits the scope of an audit project or broadens it beyond what can reasonably be managed.
ii) Defining the risk criteria
The model is based on operational risk, exposure and controls. Each area is broken down into sub-
categories as follows:
• Operational risk (people, systems, process, contractual, reputational and political)
• Exposure (financial, regulatory and customer);
• Controls (people, process, information systems and reporting).
The controls categories are further broken down into the following sub-categories viz. people, process
and information systems.
iii) Constructing the Risk Model
The risk assessment and audit planning methodology is a structured approach to a subjective process. The
risk assessment and planning model is the product of value judgments.
iv) Ranking the Auditable units
The risk profile spreadsheet computes a score for each auditable unit based on operational risk, exposure
and control. This score is then converted into a ranking for each criterion as follows:
Operational Risk - high, medium, low.
Exposure - high, medium, low.
Control - high, medium, low.
2) Developing Audit Programme
Once the annual plan is developed and approved, Audit Programme are developed for each audit to be
undertaken. Audit Programme is to be reviewed prior to the start of each audit to determine if there have
been any changes. The steps in developing an Audit Programme are: understand the operations, develop
flowchart or narrative, review the process with the concerned staff and develop the Audit Programme.
3) Implementing the Annual Audit Plan
The department undertakes structured approach to accomplish the annual plan and the actual audit can
be broken up into a number of stages stated below.
(i) Preparation stage
At this stage, the team leader ensures that all the necessary requirements for the audit are prepared and
available and preliminary reviews and information gathering is undertaken.
(ii) Fieldwork
During the fieldwork the auditor gathers evidence in order to determine the status of operations and controls
within a particular area. This evidence is the basis for the auditor’s conclusions about a particular assignment.
(iii) Documentation or working paper
The working papers are evidence in support of the audit findings and opinion.
(iv) Audit Findings
Findings are pertinent statements of fact uncovered during the course of an audit and these are to be reported.
The findings are reviewed by the Team leader and the Head of Audit prior to the final report being issued.
4) Reporting
The audit reports are submitted to the auditable units, senior management and to the Audit Committee
of the Board. The audit reports contain findings which are of a critical nature and have a major impact on
the organization. Other operational issues identified during the audit which are considered not to be of a
material nature but are worth are reported through ‘Management Report’ to the Head of the Department/
Office and Head of the area being audited.
5) Follow-up
Along with compliance functioning the internal audit people employ close follow up to ensure that
appropriate and timely action has been taken on audit findings and recommendations. Internal Audit
Department reports to the Audit Committee on the current status of outstanding findings and what action
is being taken to resolve the issues.

6) External Audit
Internal audit uses the external audit reports and ensures that any issues raised by the external auditor have
been followed up by management and whether corrective action has been taken in a timely manner.
2.34 Reporting period
The accounting period of the bank has been determined to be from 1 January to 31 December each year
and is followed consistently.
2.35 Comparative Information
Presentation of Financial Statements, comparative information in respect of the previous year have
been presented in all numerical information in the financial statements and the narrative and descriptive
information where, it is relevant for understanding of the current year's financial statements.
The comparative figure for amortization of intangible assets has been taken off from the profit and loss
account and shown in the statement of changes in Equity against the corresponding amount in the current
year’s financial statement as explained in note 18 to the financial statement.
2.36 Earnings per share (EPS)
2.36.01 Basic earnings per share
The Bank calculates Basic Earnings per Share (EPS) in accordance with IAS 33 "Earnings per Share", which
has been shown on the face of profit and loss account, and the computation of EPS is stated in Note 44.
2.36.02 Diluted earnings per share
No diluted earnings per share is required to be calculated for the year as there was no scope for dilution
during the year under review.
2.37 Approval of financial statements
The financial statements were approved by the Board of Directors on 30 April 2024.
2.38 Verification of financial statements through Document Verification System (DVS)
As per BRPD circular letter no. 4, dated 04 January 2021 Banks are required to preserve the updated statutory
audit report of the clients in loan file during approval/renewal of the facilities and as per BRPD circular
letter no. 35, dated 06 July 2021, the statutory audit report and Financial Statements needs to be verified
through the Document Verification System (DVS) developed by the Institute of Chartered Accountants
of Bangladesh (ICAB). Financial Reporting Council (FRC) vide its letter no 178/FRC/APR/2021/27(23),
dated 7 December 2021 has instructed to disclose the percentage (%) of the loan file covered under the
compliance of these BRPD Circular in the financial statements of the Bank. The Bank entered in a MOU
with ICAB for verification through DVS at the end of the year 2021. The bank got the master access on
the DVS during the year 2022. After getting the master access the bank has started to implement the
compliance accordingly.
2.39 a) Figures have been rounded off to the nearest taka.
b) Prior Year’s figures have been shown for comparison purposes and rearranged wherever necessary to
conform to current year’s presentation.
c) Conversion rate is calculated based on the simple average of buying and selling rate.
2.40 Operating Environment
The Bank’s operating environment during the year ended 2023 were impacted by a number of major global geo-
political events and conflict, volatile fuel and commodity prices, unpredictable foreign exchange and interest rate
etc. Most of these events also had significant impact on the local economic environment affecting the Bank’s
operations. From time to time, the Government of Bangladesh and the local Central Bank (Bangladesh Bank)
has issued various directives to manage impacts from these events which the Bank has followed. Management
on regular basis review and monitor the global and country specific macro-economic situation and factor these
issues into the decision making process.

SONALI BANK PLC
Amount in Taka
Particulars Notes Consolidated Bank
2023 2022 2023 2022
3.00 Cash
Cash in hand (Including
3.01 10,010,552,936 9,961,709,956 9,939,498,217 9,842,626,905
foreign currencies)
Balance with Bangladesh Bank and its
Agent Bank (Including foreign currencies)
3.02 102,942,238,504 80,274,430,747 102,942,238,504 80,274,430,747
112,952,791,440 90,236,140,703 112,881,736,721 90,117,057,652
3.01 Cash In Hand (Including foreign currencies)
Local Currency 3.01.01 9,460,034,866 9,565,681,635 9,460,034,866 9,565,681,635
Foreign Currency 3.01.02 550,518,069 396,028,322 479,463,351 276,945,270
10,010,552,936 9,961,709,956 9,939,498,217 9,842,626,905
3.01.01 Local Currency
Cash in Hand 7,027,395,970 8,646,143,735 7,027,395,970 8,646,143,735
Cash with ATM A/C 736,075,285 428,423,808 736,075,285 428,423,808
Sonali VISA Transaction A/C 354,886,507 245,675,733 354,886,507 245,675,733
Islamic Banking Window 1,341,677,104 245,438,359 1,341,677,104 245,438,359
9,460,034,866 9,565,681,635 9,460,034,866 9,565,681,635
3.01.02 Foreign Currency
Foreign Currency in Hand 424,279,749 191,259,735 424,279,749 191,259,735
Overseas Branches 55,183,602 85,685,536 55,183,602 85,685,536
Sonali Bangladesh (UK) Ltd. 1,469,269 1,673,197 - -
Sonali Exchange Co. Inc. 69,585,450 117,409,855 - -
550,518,069 396,028,322 479,463,351 276,945,270
3.02 Balance with Bangladesh Bank and its Agent Bank (Including foreign currencies)
Local Currency 85,636,422,998 66,151,549,402 85,636,422,998 66,151,549,402
Foreign Currency 17,081,512,431 13,943,306,802 17,081,512,431 13,943,306,802
Islamic Banking Window 224,303,075 179,574,543 224,303,075 179,574,543
102,942,238,504 80,274,430,747 102,942,238,504 80,274,430,747
Mode of Deposit with Bangladesh Bank
Statutory Deposit 102,942,238,504 80,274,430,747 102,942,238,504 80,274,430,747
Non Statutory Deposit - - - -
102,942,238,504 80,274,430,747 102,942,238,504 80,274,430,747
Details shown in Annexure-A.

3.02 (a) In response to Bank's request regarding maintenance of provisions for Balance with Bangladesh Bank for
2023, Bangladesh Bank vide letter no-DOS(CAMS)1157/41(Dividend)/2024-1840 dated 30 April 2024 has
given certain directives for maintenance of provision against unclassified and classified loans & advances
and Balance with Bangladesh Bank as on 31 December 2023. As per the directives, the Bank has calculated
the required provision against Balance with Bangladesh Bank and maintained provision amounting taka 71.76
crore by relishing deferral of taka 1234.50 crore accordingly.
3.03 Disclosures regarding maintenance of CRR & SLR
Cash Reserve Requirements (CRR) and Statutory Liquidity Ratio (SLR) have been calculated and maintained
in accordance with the sections 36/37 of Bangladesh Bank order 1972 & Section 33 of the Bank Company
Act 1991 (amended to date) and subsequent MPD Circular No. 03, 09 April 2020.
The Cash Reserve Requirement (CRR) on the bank's time and demand liabilities at the rate of 4% has been
calculated and maintained with Bangladesh Bank in current account and 13% Statutory Liquidity Ratio (SLR),
including CRR on the liabilities has also been maintained in the form of treasury bills, bonds and debentures
including F.C. balance with Bangladesh Bank. Both the reserve maintained by the Bank are in excess of the
statutory requirements, as shown below:
3.03.01 Cash Reserve Requirement (CRR )
As per MPD circular No. 3 dated 09 April 2020 of Bangladesh Bank (effective from 15 April 2020) refer to MPD
circular No. 04 dated 1 December 2010, all scheduled Banks are required to maintain a CRR minimum 3.5% on
daily basis based on weekly average demand and time liabilities of two months prior to current month (i.e. CRR
of December 2020 will be based on weekly average balance of October 2020 as per BRPD circular no. 12, dated
6 September 1998) and minimum 4% on bi-weekly basis. SBPLC has been maintaining its CRR on bi-weekly basis.

Amount in Taka
Percentage
2023 2022
Average demand and time liabilities 1,461,506,396,000 1,365,038,439,000
Required Reserve 4.0% 58,460,255,840 54,601,538,000
Reserve held with Bangladesh Bank* (Average) 5.1% 75,231,194,000 71,537,262,000
Surplus/(Deficit) 1.1% 16,770,938,160 16,935,724,000
*As per statement of Bangladesh Bank
*As Sonali Bank PLC is maintaining its CRR on bi-weekly basis, the bi-weekly basis balance of reserve held
with Bangladesh bank was Taka 75,231,194,000.00 which indicates that the reserve held with Bangladesh
Bank is not below the required reserve.
3.03.02 Statutory Liquidity Ratio (SLR)
Bangladesh Bank circular (MPD circular No. 02 dated 10 December 2013 and DOS circular No. 01, dated
19 January 2014) to maintain SLR separately at 13% effective from 01 February 2014. Sonali Bank PLC
maintain SLR separately from the above date.
The Bank has to maintain Tk. 189,995,831,480.00 on bi-weekly basis on December 2023 as SLR against which
the bank maintained Tk. 588,576,328,980.00. As a result the surplus of SLR stood Tk. 398,580,497,500.00.
Amount in Taka
Percentage
2023 2022
Average demand and time liabilities 1,461,506,396,000 1,365,038,439,000
Required Reserve 13.00% 189,995,831,480 177,454,997,000
Actual Reserve held with Bangladesh Bank 40.27% 588,576,328,980 576,410,767,560
Surplus/(Deficit) 27.27% 398,580,497,500 398,955,770,560
Grand Total of CRR &SLR
Required Reserve 248,456,087,320 232,056,535,000
Actual Reserve held with Bangladesh Bank 663,807,522,980 647,948,029,560
Surplus/(Deficit) 415,351,435,660 415,891,494,560
3.03.02.1 Actual Reserve held as Statutory Liquidity Ratio (SLR)
Cash in hand 7,027,395,970 8,646,143,735
Excess of CRR 16,770,938,160 16,935,724,000
Unencumbered approved securities (HFT) 148,199,300,590 242,764,336,600
Unencumbered approved securities (HTM) 387,551,854,390 211,472,454,457
Remeasured Securities Account - 55,668,245,603
Bangladesh Government Investment Sukuk (Ijarah Sukuk) 11,228,870,000 11,228,870,000
Other Eligible Securities 17,797,969,870 29,694,993,165
588,576,328,980 576,410,767,560
4.00 Balance with Other Banks and Financial Institutions:

In Bangladesh
Local Currency 4.02 29,944,151,740 28,783,241,523 29,944,151,395 28,783,241,183
Foreign Currency 610,775,000 - 610,775,000 -
Islamic Banking Window 4.01 3,217,311,922 3,717,660,667 3,217,311,922 3,717,660,667
33,772,238,662 32,500,902,190 33,772,238,317 32,500,901,850
Outside Bangladesh 4.03 8,134,251,730 6,045,912,778 14,164,637,071 5,650,468,281
41,906,490,392 38,546,814,968 47,936,875,388 38,151,370,131
Amount mentioned in Local Currency in the form of Fixed Deposit to different bank and NBFI and Foreign
Currency in the form of Term Deposit to Sonali Bangladesh (UK) limited.
4.01 Islamic Banking Window
Social Islami Bank Ltd. 646,502,081 1,633,377,833 646,502,081 1,633,377,833
Exim Bank Ltd. 1,368,056,032 1,164,296,789 1,368,056,032 1,164,296,789
Union Bank Ltd. 8,753,809 237,882,193 8,753,809 237,882,193
Al Arafa Islami Bank Ltd. 570,000,000 502,340,562 570,000,000 502,340,562
Global Islami Bank Ltd. 24,000,000 124,404,874 24,000,000 124,404,874
Islami Bank Ltd. 600,000,000 13,877,799 600,000,000 13,877,799
Pubali Bank Ltd. - 36,344,178 - 36,344,178
AB Bank Ltd. - 5,136,438 - 5,136,438
3,217,311,922 3,717,660,666 3,217,311,922 3,717,660,666

SONALI BANK PLC
Amount in Taka
Particulars Consolidated Bank
2023 2022 2023 2022
4.02 Balance with other Banks and Financial Institutions
In Bangladesh : Transaction
Bank Currency
Al-Arafah Islami Bank Ltd. BDT - 750,000,000 - 750,000,000
EXIM Bank Ltd. BDT 200,000,000 500,000,000 200,000,000 500,000,000
Global Islamic Bank BDT 400,000,000 500,000,000 400,000,000 500,000,000
IFIC Bank BDT 4,000,000,000 2,000,000,000 4,000,000,000 2,000,000,000
Islami Bank Bangladesh Ltd. BDT 3,000,000,000 2,000,000,000 3,000,000,000 2,000,000,000
Mercantile Bank Ltd. BDT - 750,000,000 - 750,000,000
Padma Bank Ltd. BDT 2,640,410,212 2,400,000,000 2,640,410,212 2,400,000,000
ICB Islamic Bank Ltd. BDT 145,142,558 145,142,558 145,142,558 145,142,558
National Bank Ltd. BDT 1,350,000,000 1,500,000,000 1,350,000,000 1,500,000,000
Rajshahi Krishi Unnayan Bank (RAKUB) BDT - - - -
SBPLC Foreign Ex. Corp. Br. BDT 104,376,776 139,540,289 - -
Dhaka Bank Islamic Banking Br. BDT 345 340 - -
SBPLC Uttara Br. BDT 5,959,969 3,915,853 - -
SBPLC Mirpur Shilpa Elaka Br. BDT 3,336,952 2,485,911 - -
SBPLC Wage Earners Corp. Br. BDT 1,091,653 1,873,899 - -
Union Bank Ltd. BDT 800,000,000 800,000,000 800,000,000 800,000,000
Sub Total 12,650,318,465 11,492,958,850 12,535,552,770 11,345,142,558
Non-Bank Financial Institutions

Bangladesh Finance & Investment Co. Ltd. BDT 178,000,000 185,000,000 178,000,000 185,000,000
CVC Finance Ltd. BDT 50,000,000 50,000,000 50,000,000 50,000,000
Bay Leasing & Investment BDT 89,000,000 90,000,000 89,000,000 90,000,000
FAS Finance & Investment Ltd. BDT 129,761,500 129,761,500 129,761,500 129,761,500
Investment Corporation of Bangladesh BDT 13,000,000,000 13,000,000,000 13,000,000,000 13,000,000,000
GSP Finance Co. Ltd. BDT 300,000,000 300,000,000 300,000,000 300,000,000
International Leasing & Finance Service Ltd. BDT 189,600,000 189,600,000 189,600,000 189,600,000
Meridian Finance & Investment Ltd. BDT 28,000,000 28,000,000 28,000,000 28,000,000
IIDFC BDT 200,000,000 200,000,000 200,000,000 200,000,000
People's Leasing & Financial Services Ltd. BDT 400,000,000 400,000,000 400,000,000 400,000,000
Bangladesh Industrial Finance Co. Ltd. (BIFC) BDT 200,000,000 200,000,000 200,000,000 200,000,000
Premier Leasing & Finance Ltd. BDT 421,237,125 421,237,125 421,237,125 421,237,125
Lanka Bangla Finance Ltd. BDT 190,000,000 190,000,000 190,000,000 190,000,000
Fareast Finance & Investment Co. Ltd. BDT 150,000,000 150,000,000 150,000,000 150,000,000
First Finance Ltd. BDT 150,000,000 150,000,000 150,000,000 150,000,000
Aviva Finance Limited BDT 175,000,000 175,000,000 175,000,000 175,000,000
Strategic Finance & Inv Ltd. BDT 980,000,000 990,000,000 980,000,000 990,000,000
National Finance Ltd. BDT 48,000,000 49,500,000 48,000,000 49,500,000
Phoenix Finance Ltd. BDT 350,000,000 350,000,000 350,000,000 350,000,000
Uttara Finance & Investment Ltd. BDT 180,000,000 190,000,000 180,000,000 190,000,000
Sub Total 17,408,598,625 17,438,098,625 17,408,598,625 17,438,098,625
Total 30,058,917,090 28,931,057,475 29,944,151,395 28,783,241,183
Less: Inter Company Balance Eliminated 114,765,350 147,815,952 - -
Grand Total 29,944,151,740 28,783,241,523 29,944,151,395 28,783,241,183

Amount in Taka
Particulars Consolidated Bank
2023 2022 2023 2022
4.03 Balance Held with Foreign Banks (Outside Bangladesh)
Foreign Banks 4.03.01 5,319,647,650 4,232,698,645 5,319,647,650 4,232,698,645
Asian Clearing Union 4.03.02 323,564,809 254,028,030 323,564,809 254,028,030
Overseas Branches 4.03.03 2,053,119,012 1,163,741,607 2,053,119,012 1,163,741,607
Investment in foreign currency* - - 6,468,305,600 -
Sonali Pay (UK) Ltd. 131,356,239 - - -
Sonali Exchange Co. Inc 158,336,530 175,805,340 - -
8,134,251,730 6,045,912,778 14,164,637,071 5,650,468,281
*Previously reported in Note 6.02 Other Investment
SL.
Particulars Foreign Exchange Amount in
No. FC amount
Currency rate Taka
4.03.01 Balance held with Foreign Bank Debit Balance
1 Sonali Bangladesh (UK) Ltd. London EURO 43,120.76 122.155 5,267,416

2 Sonali Bangladesh (UK) Ltd. London USD 5,347,184.20 110.000 588,190,262
4 Sonali Bangladesh (UK) Ltd. London USD 101,548.77 110.000 11,170,365
9 Sonali Bangladesh (UK) Ltd. London GBP 1,336,290.03 140.767 188,105,539
10 Sonali Bangladesh (UK) Ltd. London GBP 23.27 140.767 3,276
11 Sonali Bangladesh (UK) Ltd. London GBP 444,881.19 140.767 62,624,590
14 Bank Of America, NY USD 11,610.35 110.000 1,277,139
15 Zaire Bank, London GBP 276,433.40 140.767 38,912,700
16 Net West Plc, London USD 50,478.14 110.000 5,552,595
17 Chase Chemical Bank USD 693,634.15 110.000 76,299,757
18 Bangladesh Foreign Post office USD 2,257,506.50 110.000 248,325,715
19 Standard Chartered Bank, Germany. EURO 12,759,589.99 122.155 1,558,647,715
20 Euno credito Italiana Spa. Italy EURO 238,270.35 122.155 29,105,915
21 Habib American BANK, N.Y. USD 164,532.03 110.000 18,098,523
22 Standard Chartered Bank NY USD 2,058,798.97 110.000 226,467,887
23 Standard Chartered Bank NY USD 6,861,863.36 110.000 754,804,970
24 Habib American BANK, N.Y. USD 946,886.91 110.000 104,157,560
25 Sonali Bangladesh (UK) Ltd. London EURO 8,872.93 122.155 1,083,873
26 Standard Chartered Bank, Singapore SGD 1,003,285.06 83.327 83,600,734
27 MUFG Bank (Bank of Tokyo Ltd) Yen 18,370,646.00 0.776 14,246,436
28 Standard Chartered Bank, Japan Yen 24,977,007.00 0.776 19,369,669
29 BHF Bank, Germany EURO 12,518.75 122.155 1,529,228
30 Al-Raji Bank, Inv SAR 9,026,909.45 29.332 264,775,503
31 J.P Margon Chase Bank, N.Y. USD 2,664,707.88 110.000 293,117,867
Total Debit Balance (A) 96,227,974.35 5,319,647,650.47

SONALI BANK PLC
4.03.02 Balance Held with Asian Clearing Union (ACU)

SL. No. Particulars
Foreign Currency FC amount Exchange rate Amount in Taka
1 Sonali Bank PLC Kolkata EURO 76,930.26 122.155 9,397,416
2 Myanmar Economic Bank EURO 150,000.00 122.155 18,323,250
3 Myanmar Economic Bank USD 200,000.00 110.000 22,000,000
4 Nepal Bank Ltd. Kathmandu, Nepal USD 12,875.37 110.000 1,416,291
5 Myanmar Foreign Trade Bank USD 17,646.31 110.000 1,941,094
6 Bank of Bhutan USD 183,048.76 110.000 20,135,364
7 Myanmar Investment & Com. Bank USD 200,000.00 110.000 22,000,000
8 Standard Chartered Bank, Karachi USD 5.48 110.000 603
9 Sonali Bank PLC Kolkata (Nostro) USD 1,083,139.33 110.000 119,145,326
10 Meezan Bank Limited USD 849,516.70 110.000 93,446,837
11 AB Bank Limited, Mumbai USD 106,515.59 110.000 11,716,715
12 Sonali Bank PLC Kolkata USD 9,474.50 110.000 1,042,195
13 Bank of Ceylon, Srilanka USD 27,270.17 110.000 2,999,719
Total 2,916,422.47 323,564,809
4.03.03 Balance Held with Overseas Branches of Sonali Bank PLC
SL No. Particulars Exchange Amount in
Foreign Currency FC amount
rate Taka
1 Overseas Branches (Kolkata & Siliguri) IRS 1,554,098,109 1.3211 2,053,119,012
Total 1,554,098,109 2,053,119,012
Amount in Taka
2023 2022 2023 2022
4.04 Maturity Grouping of Balance with Other Banks & Financial Institutions
On Demand - - - -
Less than three months 10,759,000,000 13,150,441,734 10,759,000,000 13,150,441,734
More than three months but less than one year 4,667,086,551 15,523,331,888 4,508,750,021 15,347,526,548
More than one year but less than five years 5,270,430,934 5,717,660,667 5,270,430,934 5,717,660,667
More than five years 27,546,922,268 4,155,380,680 27,398,694,433 3,935,741,183
48,243,439,753 38,546,814,968 47,936,875,388 38,151,370,131
5.00 Money at Call on Short Notice
In Bangladesh 5.01 15,217,100,000 2,808,200,000 15,217,100,000 2,808,200,000
Outside Bangladesh 5.02 3,077,093,123 446,892,645 - -
18,294,193,123 3,255,092,645 15,217,100,000 2,808,200,000
In Bangladesh
5.01
Bank
ICB Islamic Bank Ltd. 173,200,000 173,200,000 173,200,000 173,200,000
BDBL - 160,000,000 - 160,000,000
Padma Bank Ltd. 490,000,000 500,000,000 490,000,000 500,000,000
First Security Islami Bank Ltd. 1,260,000,000 - 1,260,000,000 -
Midland Bank Ltd. - 200,000,000 - 200,000,000

Islami Bank Bangladesh Ltd. 11,600,000,000 - 11,600,000,000 -
Sub Total 13,523,200,000 1,033,200,000 13,523,200,000 1,033,200,000

Amount in Taka
2023 2022 2023 2022
Non-Bank Financial Institutions
Aviva Finance Ltd. 100,300,000 110,700,000 100,300,000 110,700,000
Bangladesh Ind. Finance Comp. Ltd. (BIFC) 100,000,000 100,000,000 100,000,000 100,000,000
Fareast Finance and Investment Ltd. 146,800,000 146,800,000 146,800,000 146,800,000
First Finance Ltd. 67,900,000 73,100,000 67,900,000 73,100,000
FAS Finance and Investment Ltd. 68,600,000 68,600,000 68,600,000 68,600,000
Investment Corporation of Bangladesh (ICB) - - - -
Lanka Bangla Finance - - - -
International Leasing Company Ltd. 246,600,000 246,600,000 246,600,000 246,600,000
Midas Finance Ltd. - - - -
Phoenix Finance 109,600,000 113,800,000 109,600,000 113,800,000
People Leasing 160,000,000 160,000,000 160,000,000 160,000,000
Prime Finance and Investment Ltd. 74,500,000 84,800,000 74,500,000 84,800,000
Premier Leasing Ltd. 156,600,000 156,700,000 156,600,000 156,700,000
BD Finance & Investment Ltd. 62,700,000 87,900,000 62,700,000 87,900,000
Bay Leasing - - - -
United Leasing - - - -
GSP Finance and Investment Ltd. 60,500,000 63,900,000 60,500,000 63,900,000
Meridian Finance and Investment Ltd. 64,700,000 75,100,000 64,700,000 75,100,000
National Finance Ltd. - - - -
IPDC Finance Ltd. - - - -
IIDFC 77,500,000 82,600,000 77,500,000 82,600,000
CVC Finance Ltd. 69,600,000 74,800,000 69,600,000 74,800,000
Union Capital 128,000,000 129,600,000 128,000,000 129,600,000
Sub Total 1,693,900,000 1,775,000,000 1,693,900,000 1,775,000,000
Grand Total 15,217,100,000 2,808,200,000 15,217,100,000 2,808,200,000
5.02 Outside Bangladesh
Sonali Bangladesh (UK) Ltd. 3,077,093,123 446,892,645 - -
Overseas Branches - - - -
3,077,093,123 446,892,645 - -
6.00 Investments
Government Securities 6.01 571,733,542,209 555,029,815,556 571,733,542,069 555,025,215,511
Other Investments 6.02 54,610,633,498 61,965,820,412 51,807,590,613 66,247,357,715
Total 626,344,175,707 616,995,635,968 623,541,132,682 621,272,573,226
6.01 Government Securities (Considered as SLR)

Treasury Bills-Primary 6.01.01 91,032,802,732 61,589,677,873 91,032,802,732 61,589,677,873
Government Notes/Bonds/
6.01.02 468,627,947,436 480,458,611,008 468,627,947,436 480,458,611,008
Other securities
Bangladesh Government
11,228,870,000 11,228,870,000 11,228,870,000 11,228,870,000
Investment Sukuk (Ijarah Sukuk)
Prize Bond 84,134,700 55,695,100 84,134,700 55,695,100
ICB Share - 913,424,500 - 913,424,500
Debentures Public - 5,147,900 - 5,147,900

Reverse-Repo - - - -
570,973,754,868 554,251,426,381 570,973,754,868 554,251,426,381

SONALI BANK PLC
Amount in Taka
2023 2022 2023 2022
Sonali Bangladesh (UK) Ltd. 141 4,600,045 - -
Total Government Securities 571,733,542,209 555,029,815,556 571,733,542,069 555,025,215,511
6.01.01 Treasury Bills-Primary
28 days Treasury Bills - - - -
91 days Treasury Bills 9,898,135,000 47,181,054,378 9,898,135,000 47,181,054,378
91,032,802,732 61,589,677,873 91,032,802,732 61,589,677,873
6.01.02 Government Notes/Bonds/Other securities
2 years Bangladesh Govt. Treasury Bond (BGTB) 65,754,030,475 99,952,485,523 65,754,030,475 99,952,485,523
11-13 years Treasury Bond (BJMC) 2,141,700,000 2,141,700,000 2,141,700,000 2,141,700,000
8-15 years Treasury Bond (BPC) - 8,210,100,000 - 8,210,100,000
3 Years Treasury Bond (FRTB) - - - -
3-7 Years Treasury Bond (SBL) 4,427,400,000 4,427,400,000 4,427,400,000 4,427,400,000
468,627,947,436 480,458,611,008 468,627,947,436 480,458,611,008

6.01.03 Investment in Government securities classified as per Bangladesh Bank's DOS circular No. 05
date 26 May 2008 and DOS circular No. 05 date 28 January 2009.
Held to Maturity (HTM) 411,461,449,579 243,620,854,579 411,461,449,579 243,620,854,579
Held for Trading ( HFT) 6.01.03a 148,199,300,589 243,677,761,098 148,199,300,589 243,677,761,098
Remeasured Securities Account - 55,668,245,604 - 55,668,245,604

11,228,870,000 11,228,870,000 11,228,870,000 11,228,870,000
Prize Bond 84,134,700 55,695,100 84,134,700 55,695,100
570,973,754,868 554,251,426,381 570,973,754,868 554,251,426,381
6.01.03a As per Bangladesh Bank Instruction, ICB share has been kept out of portfolio Investment and categorized
as HFT component. Details in Annexure-A.
6.02 Other Investments:
Ordinary Share 6.02.01 23,756,091,486 21,670,419,877 20,953,048,601 19,754,137,180
Debentures of private sectors 696,000 696,000 696,000 696,000
Investment in foreign currency - - - 6,197,820,000

Debentures Public 5,147,900 5,147,900 -
Private Bond 6.02.02 29,918,709,767 39,870,781,255 29,918,709,767 39,870,781,255
Sub-total 53,680,645,153 61,541,897,132 50,877,602,268 65,823,434,435

Amount in Taka
2023 2022 2023 2022
Islamic Banking Window - - - -
Total Other Investments 54,610,633,498 61,965,820,412 51,807,590,613 66,247,357,715
6.02.01 Ordinary Shares

Quoted-Fully paid-up-ordinary share* 10,096,712,821 8,897,801,400 10,096,712,821 8,897,801,400
Unquoted-Fully paid-up-ordinary share 10,856,335,780 10,856,335,780 10,856,335,780 10,856,335,780
Sonali Investment Limited 2,803,042,885 1,916,282,697 - -
23,756,091,486 21,670,419,877 20,953,048,601 19,754,137,180
Investment in Shares & Bond

Cost Price
Number of Market Price
Particulars 2023 2022
Company 2023
Listed Securities 131 12,706,018,652 10,096,712,821 8,897,801,400

Non-Listed Securities 13 10,856,335,780 10,856,335,780 10,856,335,780
Total 144 23,562,354,432 20,953,048,601 19,754,137,180
Sector wise investment
Listed securities
Cost Price
Sector 2023 2022
Company 2023
Bank and NBFI 34 8,176,641,341 4,421,687,041 3,442,889,489

Mutual Fund 18 986,864,147 1,180,954,484 -
Pharma 9 464,857,431 535,657,000 -
Insurance Companies - - - 100,897,186
Fuel and Power Co. 22 1,297,227,916 1,572,054,160 1,549,019,803
Manufacturing & Other 48 1,780,427,816 2,386,360,136 3,804,994,922
Total 131 12,706,018,652 10,096,712,821 8,897,801,400
Non-Listed Securities
Cost Price
Sector 2023 2022
Company 2023
Bank and NBFI 5 1,972,510,480 1,972,510,480 1,972,510,480
Manufacturing 2 10,337,900 10,337,900 10,337,900
Others 6 8,873,487,400 8,873,487,400 8,873,487,400

Total 13 10,856,335,780 10,856,335,780 10,856,335,780
The unlisted investments are shown at cost because the fair value cannot be measured reliably.
Detail shown in Annexure-H.

SONALI BANK PLC
Amount in Taka
2023 2022 2023 2022
6.02.02 Private bond
Prime Bank Ltd. Bond 400,000,000 600,000,000 400,000,000 600,000,000
Eastern Bank Bond 300,000,000 400,000,000 300,000,000 400,000,000
Bank Asia Bond 200,000,000 400,000,000 200,000,000 400,000,000
Mutual Trust Bank Bond 550,000,000 800,000,000 550,000,000 800,000,000
Jamuna Bank Bond 300,000,000 500,000,000 300,000,000 500,000,000
UCBL Bank Bond 200,000,000 300,000,000 200,000,000 300,000,000
Standard Bank Bond 1,200,000,000 1,400,000,000 1,200,000,000 1,400,000,000
One Bank Bond 560,000,000 1,000,000,000 560,000,000 1,000,000,000
IFIC Bank Bond - 200,000,000 - 200,000,000
Dhaka Bank Bond 400,000,000 760,000,000 400,000,000 760,000,000
Trust Bank Bond 100,000,000 270,000,000 100,000,000 270,000,000
Southeast Bank Bond 1,300,000,000 1,650,000,000 1,300,000,000 1,650,000,000
AB Bank Bond 1,500,000,000 1,500,000,000 1,500,000,000 1,500,000,000
Premier Bank Bond 1,025,000,000 1,900,000,000 1,025,000,000 1,900,000,000
Pubali Bank Bond 800,000,000 1,200,000,000 800,000,000 1,200,000,000
The City Bank Bond 1,487,500,000 1,862,500,000 1,487,500,000 1,862,500,000
Dutch Bangla Bank Bond 1,000,000,000 1,400,000,000 1,000,000,000 1,400,000,000
EXIM Bank Bond 1,300,000,000 1,700,000,000 1,300,000,000 1,700,000,000
National Bank Bond 100,000,000 200,000,000 100,000,000 200,000,000
Farmers (Padma) Bank Bond 900,000,000 900,000,000 900,000,000 900,000,000
Shahjalal Islami Bank Bond 300,000,000 450,000,000 300,000,000 450,000,000
Al Arafa Islami Bank Bond 200,000,000 300,000,000 200,000,000 300,000,000
Mercantile Bank Bond 400,000,000 600,000,000 400,000,000 600,000,000
Islami Bank Bond 1,440,000,000 1,720,000,000 1,440,000,000 1,720,000,000
Janata Bank Bond 4,800,000,000 7,200,000,000 4,800,000,000 7,200,000,000
Rupali Bank Bond 800,000,000 1,200,000,000 800,000,000 1,200,000,000
NCC Bank Bond 200,000,000 300,000,000 200,000,000 300,000,000
First Security Islami Bank Bond 300,000,000 400,000,000 300,000,000 400,000,000
Union Bank Bond 600,000,000 800,000,000 600,000,000 800,000,000
Ashugonj Power Bond (Corporate) 375,000,000 500,000,000 375,000,000 500,000,000
IPDC Finance Bond 100,000,000 150,000,000 100,000,000 150,000,000
RML Zero Coupon Bond (Corporate) 39,995,303 119,995,303 39,995,303 119,995,303
Beximco Communication
3,000,000,000 3,000,000,000 3,000,000,000 3,000,000,000
Bond (Corporate)
ICB Bond 1,600,000,000 1,600,000,000 1,600,000,000 1,600,000,000
Lanka Bangla Finance Bond 399,999,999 533,333,333 399,999,999 533,333,333
North West Power Gen. Bond 600,000,000 800,000,000 600,000,000 800,000,000
(Corporate)
Pran Agro (PubaliBank)(Corporate) 120,000,000 160,000,000 120,000,000 160,000,000
Meghna Bank Bond 450,000,000 - 450,000,000 500,000,000
Amra Networks Zero Coupon
71,214,465 94,952,619 71,214,465 94,952,619
(Corporate)
NRBC Bank Bond 500,000,000 500,000,000 500,000,000 500,000,000
29,918,709,767 39,370,781,255 29,918,709,767 39,870,781,255

Amount in Taka
2023 2022 2023 2022
6.03 Classification of Statutory and Non-statutory Investment
Statutory Investment Portfolio 6.03.01 571,733,542,069 555,025,215,511 571,733,542,069 555,025,215,511
Non-Statutory Investment Portfolio 6.03.02 54,610,633,498 61,470,420,457 51,807,590,613 66,247,357,715
626,344,175,567 616,495,635,968 623,541,132,682 621,272,573,226
6.03.01 Statutory Investment Portfolio
Held to Maturity (HTM) 411,461,449,579 243,620,854,579 411,461,449,579 243,620,854,579
Held for Trading (HFT) 148,199,300,589 243,677,761,098 148,199,300,589 243,677,761,098
Remeasured Securities Account - 55,668,245,604 - 55,668,245,604
11,228,870,000 11,228,870,000 11,228,870,000 11,228,870,000
Prize Bond 84,134,700 55,695,100 84,134,700 55,695,100
571,733,542,069 555,025,215,511 571,733,542,069 555,025,215,511
6.03.02 Non-Statutory Investment Portfolio
Ordinary Share 6.02.01 23,756,091,486 21,670,419,877 20,953,048,601 19,754,137,180
Debentures of private sectors 696,000 696,000 696,000 696,000
Investment in foreign currency - 4,600,045 - 6,197,820,000
Debentures Public 5,147,900 5,147,900 -
Private Bond 6.02.02 29,918,709,767 39,370,781,255 29,918,709,767 39,870,781,255
Islamic Banking Window - - - -
54,610,633,498 61,470,420,457 51,807,590,613 66,247,357,715
6.04 Maturity grouping of Investments as follows:
On demand 7,497,742,500 3,012,773,179 7,497,742,500 3,012,773,179
Less than three months 45,087,761,461 78,088,138,638 45,087,761,461 78,088,138,638
More than three months but less than one year 97,766,000,544 91,521,414,589 97,766,000,544 91,521,414,589
More than one year but less than five years 259,617,410,204 266,898,439,144 259,617,410,204 267,948,259,145
Above five years 209,906,955,398 177,474,870,418 213,572,217,973 180,701,987,676
619,875,870,107 616,995,635,968 623,541,132,682 621,272,573,226
7.00 Loans and advances
Loans, cash credits and overdrafts 7.03 998,831,882,668 838,709,996,747 999,493,962,338 837,639,094,517
Bills purchased and discounted 7.04 25,162,590,594 27,328,197,325 8,558,715,394 8,791,140,395
1,023,994,473,262 866,038,194,071 1,008,052,677,732 846,430,234,911
7.01 Maturity Grouping of Loans and Advances (Excluding Bills purchased and discounted)
Loans and advances are repayable:
Repayable on demand 93,331,007,177 94,630,432,419 93,331,007,177 94,630,432,419
Not more than 3 months 90,815,263,788 66,902,777,914 90,815,263,788 66,902,777,914
More than 3 months but not more than 1 year 287,194,360,180 214,155,106,178 287,194,360,180 212,609,881,750
More than 1 year but not more than 5 years 184,725,422,733 136,187,563,611 184,725,422,733 132,543,485,809
More than 5 years 342,765,828,789 326,834,116,626 343,427,908,459 330,952,516,626
998,831,882,668 838,709,996,747 999,493,962,338 837,639,094,517

SONALI BANK PLC
Amount in Taka
2023 2022 2023 2022
7.02 Loans and Advances (In and outside Bangladesh) including bills purchased and discounted
In Bangladesh 7.02.01 1,004,372,791,314 842,317,089,757 1,007,639,577,943 846,000,201,969
Outside Bangladesh 7.02.02 19,621,681,948 23,718,202,159 413,099,788 430,032,942
1,023,994,473,262 866,035,291,916 1,008,052,677,732 846,430,234,911
7.02.01 In Bangladesh
Loan 912,507,279,290 747,515,507,189 916,405,231,617 752,522,264,758
Cash Credit 52,923,831,906 59,217,692,750 52,923,831,906 59,217,692,750
Overdraft 27,907,035,866 24,521,877,616 29,944,035,866 25,701,877,616
Portfolio Loan to Investors 2,668,165,698 2,503,645,358 - -
Bills purchased and discounted 8,366,478,555 8,558,366,845 8,366,478,555 8,558,366,845
1,004,372,791,314 842,317,089,757 1,007,639,577,943 846,000,201,969
7.02.02 Outside Bangladesh
Loan 42,490,213 42,709,038 42,490,213 42,709,038
Cash Credit 1,568,855 1,481,096 1,568,855 1,481,096
Overdraft 176,803,881 153,069,259 176,803,881 153,069,259
Sonali Bangladesh (UK) Ltd. 2,604,706,960 4,751,112,287 - -
Bills purchased and discounted 16,796,112,039 18,769,830,480 192,236,840 232,773,549
19,621,681,948 23,718,202,159 413,099,788 430,032,942
7.03 Loans, cash credits and overdrafts
Loan 7.03.01 915,154,476,463 752,309,328,513 916,447,721,830 752,564,973,796
Cash Credit 7.03.02 52,925,400,761 59,219,173,845 52,925,400,761 59,219,173,845
Overdraft 7.03.03 28,083,839,747 24,674,946,875 30,120,839,747 25,854,946,875
Portfolio Loan to Investors 7.03.04 2,668,165,698 2,506,547,513 - -
998,831,882,668 838,709,996,747 999,493,962,338 837,639,094,517
7.03.01 Head-wise Loans, Cash Credits and Overdrafts:

Inside Bangladesh:
Loans
Demand Loan 1,413,373 1,413,373 1,413,373 1,413,373
Small Loan 44,465,584 65,130,805 44,465,584 65,130,805
House Building Loan (General) 8,202,625,598 7,771,297,568 8,202,625,598 7,771,297,568
Staff Loan 7.03.01.1 76,681,507,184 68,027,639,877 76,678,982,184 68,024,814,877
Special Small Loan Program 4,899,223 5,539,105 4,899,223 5,539,105
Loan Under S.B Industrial Credit Scheme (Project) 28,800,881,936 37,960,735,227 28,800,881,936 37,960,735,227
Loan under External Credit Program 46,608 94,633 46,608 94,633
Sonali Credit Finance 544,668,891 353,073,195 544,668,891 353,073,195
Loan under'SB Agro Based Industrial Cr. Scheme 5,490,906,278 7,504,529,073 5,490,906,278 7,504,529,073
Agricultural Loan 65,719,598,358 60,113,017,760 65,719,598,358 60,113,017,760
Micro Credit (SFL Scheme plus RSTL Scheme) 10,851,808,003 12,697,596,906 10,851,808,003 12,697,596,906
Loan under Imported Merchandise (LIM) 1,433,244,542 1,826,693,004 1,433,244,542 1,826,693,004
Loan against Trust Receipt 208,304,044,236 151,833,626,403 208,304,044,236 151,833,626,403
Forced Loan against Back to Back L/C 21,383,527,975 24,843,351,892 21,383,527,975 24,843,351,892
Loan for L/C under WES. 136,339 136,339 136,339 136,339

Amount in Taka
2023 2022 2023 2022

Current Account Barter (Debit Balance) 932,606,463 932,606,463 932,606,463 932,606,463
Bridge Finance 1,294,512,599 1,294,558,349 1,294,512,599 1,294,558,349
House Building Loan (Govt.Employees) 4,365,681,535 3,170,452,155 4,365,681,535 3,170,452,155
House Building Loan (Public University & UGC) 723,090,556 373,138,138 723,090,556 373,138,138
Small Business Loan Scheme 323,283,137 852,899,641 323,283,137 852,899,641
Probashi karmo Sangsthan Rin Prokalpo 195,339 195,339 -
Lease Finance 26,239,228 26,239,228 26,239,228 26,239,228

Personal Loan 163,347,485,825 150,381,819,053 163,347,485,825 150,381,819,053
Term Loan to Freedom Fighter 44,096,008,964 57,331,617,729 44,096,008,964 57,331,617,729
Special F.C Term Loan to Bangladesh Biman 46,465,213,236 48,371,369,349 46,465,213,236 48,371,369,349
Special F.C Term Loan to Payra Port Authority 49,996,198,891 8,457,390,224 49,996,198,891 8,457,390,224
Special F.C Term Loan to Sonali Bangladesh (UK) Limited - - 3,850,000,000 4,958,256,000
Long term loan at prevailing
- - 50,477,327 51,326,570
rate of Interest (SECI)
Foreign Education Loan Program 544,399 3,000 544,399 3,000
SME Finance (Term Loan to Service) 87,154,820,189 33,291,088,088 87,154,820,189 33,291,088,088

SME Finance (Term Loan Industries) 2,338,680,622 282,069,442 2,338,680,622 282,069,442
SME Finance (Working Capital
51,685,129,195 41,888,289,494 51,685,129,195 41,888,289,494
to Industries Services Trading)
SME Loan Under B.B Revolving Re-Finance
7,685,546,121 7,564,816,612 7,685,546,121 7,564,816,612
for COVID-19 (Continuous)
SME Loan Under B.B Revolving
514,425,699 555,198,068 514,425,699 555,198,068
Re-Finance for COVID-19 (Term)
Working Capital under Stimulus
4,521,064,608 4,028,574,034 4,521,064,608 4,028,574,034
Pack. for Indus. & Serv. for COVID-19
Special Term Loan against Fund
Received from B.B for Worker's Salary of 76,034,946 96,162,574 76,034,946 96,162,574
Export Oriented Indus. Under COVID-19
Agri. Loan disbursed at Conce.
1,109,897,219 1,616,619,169 1,109,897,219 1,616,619,169
Intt. Rate against COVID-19
Agri. Loan against Special Stimulus
685,390,430 1,881,276,969 685,390,430 1,881,276,969
Refinance Sch.for COVID-19
Micro Credit Loan Under B.B
2,716,822 544,299,107 2,716,822 544,299,107
Revolving Refi. Sch. for COVID-19
Loan Disburse to Salt Sector
316,901 - 316,901 -
under Concessional Interest Rate
Special Loan - Advance rent (Interest Bearing) 103,129,950 107,362,604 103,129,950 107,362,604
Forced Loan A/C-EDF 3,509,636,295 3,318,736,633 3,509,636,295 3,318,736,633
Rural Housing Finance - Sonali Neer A/C 264,102,277 223,461,772 264,102,277 223,461,772
Loan Against Food Procurement Bill A/C 6,386,329,984 3,568,520,651 6,386,329,984 3,568,520,651
House Building Loan (Chief Justice

142,350,463 70,461,203 142,350,463 70,461,203
and Justice of Supreme Court)

SONALI BANK PLC
Amount in Taka
Particulars Notes
Consolidated Bank
2023 2022 2023 2022

CMSME Term Loan Under BB Re-finance Scheme 567,730,314 2,605,860 567,730,314 2,605,860
CMSME Finance from Start-up Fund 15,767,799 2,290,648 15,767,799 2,290,648
CMSME Continous Loan Under BB Pre-finance 561,734,401 561,734,401 -

Small Enterprise Loan for Women
13,680,888 13,680,888 -
Entrepreneurs under BB Re-Finance (Term)
Small Enterprise Loan for Women
20,233,341 20,233,341 -
Entrepreneurs under BB Re-Finance (Cont.)
Agricultural Loan for Wheat & Maize
254,115,827 63,213,240 254,115,827 63,213,240
disbursed against BB Refinance Scheme
Agricultural Loan for Food disbursed
888,000,449 888,000,449 -
against BB Refinance Scheme (RCD)
Agro Base Working Capital Stimulus Package 55,293,329 55,293,329 -
TOD against Cash Incentive 46,356,350 16,248,504 46,356,350 16,248,504
NGO & MFI Linkage Revolving Loan - 2,565,019 - 2,565,019

House Building Loan (Bangladesh
15,853,141 w15,853,141 -
Power Development Board)
House Building Loan (Flat Remodeling) 3,043,583 3,043,583 -
Loan Against B.B Refinance Scheme of Ghore Fera 191,595,902 139,145,307 191,595,902 139,145,307
Forced Loan A/C-PAD 3,508,697,044 3,401,041,634 3,508,697,044 3,401,041,634
Loan for Floriculture 11,605,466 1,303,052 11,605,466 1,303,052
911,368,113,850 746,861,318,175 915,266,066,177 751,868,075,744
Islamic Banking Window
Bai Muazzal -House Hold Durable Scheme 1,139,165,440 654,189,014 1,139,165,440 654,189,014
912,507,279,290 747,515,507,189 916,405,231,617 752,522,264,758
Outside Bangladesh (Overseas Branches)
Loan
Demand Loan - - - -
Small Loan - - - -
House Building Loan (Staff) 42,490,213 42,709,038 42,490,213 42,709,038
42,490,213 42,709,038 42,490,213 42,709,038
915,154,476,463 752,309,328,513 916,447,721,830 752,564,973,796
7.03.01.1 Staff Loan
Staff House Building Loan 73,203,770,387 64,645,024,626 73,203,770,387 64,645,024,626
Staff Loan (SIL) 2,525,000 2,825,000 - -
Staff Loan (Others) 3,475,211,796 3,379,790,251 3,475,211,796 3,379,790,251
76,681,507,184 68,027,639,877 76,678,982,184 68,024,814,877

Amount in Taka
2023 2022 2023 2022
7.03.02 Cash Credits:
In Bangladesh
Cash Credit General (Hypo) 4,086,709,670 4,939,291,463 4,086,709,670 4,939,291,463
Cash Credit General (Pledge) 938,716,842 920,214,025 938,716,842 920,214,025
Working Capital to Industries. (Hypo) 34,738,284,584 37,890,221,432 34,738,284,584 37,890,221,432
Working Capital to Industries. (Pledge) 1,334,127,984 1,070,964,636 1,334,127,984 1,070,964,636
Working Capital to Agro Based Ind. (Hypo) 5,589,230,852 7,476,780,167 5,589,230,852 7,476,780,167
Working Capital to Agro Based Ind.( Pledge) 2,399,984,919 2,706,767,739 2,399,984,919 2,706,767,739
Packing Cash Credit 3,836,777,056 4,213,453,288 3,836,777,056 4,213,453,288
52,923,831,906 59,217,692,750 52,923,831,906 59,217,692,750
Outside Bangladesh:
Cash Credit 1,568,855 1,481,096 1,568,855 1,481,096
Total 52,925,400,761 59,219,173,845 52,925,400,761 59,219,173,845
7.03.03 Overdrafts etc.:
Overdraft Loan (In Bangladesh) 27,907,035,866 24,521,877,616 29,944,035,866 25,701,877,616
27,907,035,866 24,521,877,616 29,944,035,866 25,701,877,616
Overdraft Loan (Outside Bangladesh) 176,803,881 153,069,259 176,803,881 153,069,259
Total 28,083,839,747 24,674,946,875 30,120,839,747 25,854,946,875
7.03.04 Portfolio Loan to Investors
Opening balance 2,506,547,513 2,169,502,626 - -
Add: Charged applied during the year 142,011,610 331,877,104 - -
Add: Loan disbursed during the year 1,417,773,903 1,707,632,747 - -
Less: Loan recovered during the year (1,398,167,328) (1,702,464,964) - -
Total 2,668,165,698 2,506,547,513 - -
7.04 Bills Purchased and Discounted (Excluding treasury bills)
Payable Inside Bangladesh 7.04.01a 8,366,478,555 8,558,366,845 8,366,478,555 8,558,366,845
Payable Outside Bangladesh 7.04.01b 16,796,112,039 18,769,830,480 192,236,840 232,773,549
Total 25,162,590,594 27,328,197,325 8,558,715,394 8,791,140,395
7.04.01 Bill Discounted and Purchased

7.04.01a In Bangladesh
Payment against Documents (PAD) 4,155,286,673 4,573,152,968 4,155,286,673 4,573,152,968
Loan against Inland Bills 184,960,826 129,803,595 184,960,826 129,803,595
Inland Bills Purchased 2,338,150,481 2,341,427,949 2,338,150,481 2,341,427,949
Payment against Documents (PAD) A/C-EDF 529,976,646 207,169,505 529,976,646 207,169,505

Usance Bill Discounting A/C in Foreign Currency 127,639,289 70,925,455 127,639,289 70,925,455
Foreign Bills Purchased/Negotiated (Documents) 1,030,464,640 1,235,887,374 1,030,464,640 1,235,887,374
Total 8,366,478,555 8,558,366,845 8,366,478,555 8,558,366,845

SONALI BANK PLC
Amount in Taka
2023 2022 2023 2022
7.04.01b Outside Bangladesh
Foreign Bills Purchased/Negotiated
192,236,840 232,773,549 192,236,840 232,773,549
(Documents) of Overseas Branches
Foreign Bills Purchased/Negotiated of
16,603,875,199 18,537,056,930 - -
Sonali Bangladesh (UK) Ltd.
Total 16,796,112,039 18,769,830,480 192,236,840 232,773,549
7.04.02 Maturity grouping bills purchased and discounted
Not more than 1 Month 1,557,394,813 1,232,380,202 1,557,394,813 1,232,380,202
More than 1 month but not
60,785,111 271,383,889 60,785,111 271,383,889
more than 3 Months
More than 3 months but not
6,745,360,423 21,444,384,863 6,745,360,423 6,924,799,159
more than 6 Months
More than 6 Months 16,799,050,247 4,380,048,371 195,175,047 362,577,145
Total 25,162,590,594 27,328,197,325 8,558,715,394 8,791,140,395
7.05 Net Performing loans and advances/Investments
Gross loans and advances/investments 1,023,994,473,262 866,038,194,071 1,008,052,677,732 846,430,234,911
Non-performing loans and
7.09.01 (133,409,773,383) (125,536,736,470) (133,409,773,383) (125,536,736,470)
advances/investments
Total 890,584,699,879 740,501,457,601 874,642,904,349 720,893,498,441
Amount in Taka
Bank
2023 2022
7.06 Loans and advances / Investments on the basis of significant concentration excluding bills purchased
and discounted
Advances to allied concerns of directors - -
Advances to Chief Executive and Other Senior Executives 151,430,568 161,848,483
Advances to the Customers Group (Amounting more
408,279,802,032 313,532,656,973
than 10 % of Bank's Paid up Capital)
Other Customers 514,535,178,122 455,919,774,183
Advance to Staff 76,527,551,616 68,024,814,877
999,493,962,338 837,639,094,517
7.07 Number of clients, with amount of outstanding and classified loans to whom loans and advances
sanctioned more than 10% of Paid up capital
Disclosures on Large loan i.e. Loan sanctioned to any individual or enterprise or any organization of a group
amounting to 10% or more of the Bank's Paid up Capital and classified amount therein and measures taken
for recovery of such loan have been furnished as under.
No of Client 22 19
Paid up Capital 45,300,000,000 45,300,000,000
10% of Paid up capital 4,530,000,000 4,530,000,000
Measures taken for recovery of Classified Loan

Bank as a whole takes following steps to recover its classified loans and advances
a) Sending letters and remind to customers.
b) Recovery cell including top management level holds discussion with the clients to recover the loans.
c) Maintain special recovery arrangement through loan fair, client gathering, recovery campaign etc.
d) Legal proceedings and quick settlement.
e) Providing incentives to employee for cash recovery from classified and written-off loans.

7.07(a) During the year 2023, there are large amount of outstanding and classified loans, to whom loans and
advances sanctioned more than 10% of Paid up Capital of the Bank.
Summary of Borrower are shown below :

Outstanding
Outstanding Classified Classification as
Name of the Borrower
amount amount status % of Total
Loan
Beximco Group 18,382,094,548 - UC, SMA 1.82%
Thermex Group 14,434,832,007 - UC 1.43%
Hall Mark Group 17,130,284,254 17,130,284,254 BL,BLW 1.70%
T & Brothers Group 4,902,643,928 4,902,643,928 BL 0.49%
Directorate General of Food (DGF) 6,386,329,984 11,616,592,073 BL 0.63%
Biman Bangladesh Airlines Limited 46,465,213,236 - UC 4.61%
Payra Port Authority 49,996,198,891 - UC 4.96%
Bangladesh China Power Company (Pvt.) Limited 5,123,263,897 - UC 0.51%

Bangladesh Chemical Industries
46,517,208,292 - UC 4.61%
Corporation (BCIC)
Bangladesh Agricultural Development
121,682,695,709 - UC 12.07%
Corporation (BADC)
Bangladesh Water Development Board (BWDB) 9,692,571 - UC 0.00%
Bangladesh Sugar & Food Ind. Cor. (BSFIC) 52,062,661,493 - UC 5.16%
Trading Corporation of Bangladesh (TCB) 25,186,683,222 - UC 2.50%
Total 408,279,802,032 33,649,520,255 40.50%
7.07(b) Details about the Group / Single Borrower

Amount in Taka
Name of the Borrower 2023
Funded Loan Non Funded Loan Total Loan Status of Loan
A. Group Borrower
Beximco Group
Beximco Ltd. 14,983,375,703 31,900,000 15,015,275,703 SMA= 15,015,275,703
Beximco Synthetic Ltd. 689,868,204 - 689,868,204 UC=689,868,204
GMG Airlines Ltd. 1,978,894,151 6,000,000 1,984,894,151 SMA= 1,984,894,151
Shinepukur Ceramic Ltd. 729,956,490 83,075,438 813,031,928 UC=813,031,928
Sub Total 18,382,094,548 120,975,438 18,503,069,986
Hall Mark Group
UC=4,080,212,072
M/S Hall Mark Fashion Ltd. 3,431,742,132 4,080,212,071 7,511,954,204
BL= 3,431,742,132
UC=842,526,976
M/s Farhan Fashion Ltd 2,630,920 842,526,976 845,157,896
BL=2,630,920

SONALI BANK PLC

Amount in Taka
UC=192,106,217
M/s Hall Mark Design Wear Ltd. 395,151,078 192,106,217 587,257,295
BL=395,151,078
M/s Jishan Knit Composite Ltd. 41,952,985 - 41,952,985 BL=41,952,985
M/s Perfect Embroidery Ltd. 46,252,176 - 46,252,176 BL=46,252,176
M/s Boby Flatbed Printing Ltd. 114,165,705 - 114,165,705 BL=114,165,705
M/s Hall Mark Accessories Ltd. 82,721,345 - 82,721,345 BL=82,721,345
M/s Islam Fashion Ltd. - 1,182,063,735 1,182,063,735 UC=1,182,063,735
M/s Don Apparels Ltd. - 894,786,922 894,786,922 UC=894,786,922
M/s Mahmud Apparels Ltd. - 791,175,604 791,175,604 UC=791,175,604
M/s Hall Mark Spinning Mills Ltd. 724,200,477 - 724,200,477 BL=724,200,477
UC=17,054,537
M/s Boby Fashion Ltd. 238,235,821 17,054,537 255,290,358
BLW=238,235,821
M/s Hall Mark Denim
128,926,798 - 128,926,798 BLW=128,926,798
Composite Ltd.
M/S Max Spinning Mills 5,256,038,600 - 5,256,038,600 BLW=5,256,038,600
M/S Anowara Spinning Mills 4,743,558,400 - 4,743,558,400 BLW=4,743,558,400
M/s Wall-Mart Fashion Ltd. 1,700,451,311 - 1,700,451,311 BLW=1,700,451,311
M/s Hall Mark Style Ltd. 71,123,997 - 71,123,997 BLW=71,123,997
M/s Boby Denim Composite Ltd. 70,434,740 - 70,434,740 BLW=70,434,740
M/s Hall Mark Knit Composite Ltd. 44,156,437 - 44,156,437 BLW=44,156,437
M/s Hall Mark Knitting & Dyeing Ltd. 29,408,207 - 29,408,207 BLW=29,408,207
M/s Hall Mark Packaging Ltd. 9,133,125 - 9,133,125 BLW=9,133,125
Sub Total 17,130,284,254 7,999,926,062 25,130,210,316
T & Brothers Group

UC=2,126,214,374
M/s T & Brother Knit Composite Ltd. 2,231,482,090 2,126,214,374 4,357,696,464
BL=2,231,482,089
M/s Exper Take Ltd. 1,756,916,409 - 1,756,916,409 BL=1,756,916,409
M/s Dressme Fashions Ltd. 780,895,429 - 780,895,429 BL=780,895,429
LNS Accessories 133,350,000 - 133,350,000 BL=133,350,000
Sub Total 4,902,643,928 2,126,214,374 7,028,858,302
Thermex Group
Thermax Check Fabrics Ltd. 3,839,981,800 - 3,839,981,800 UC=3,839,981,800
Indigo Spinning Ltd. 4,250,604,093 21,139,649 4,271,743,742 UC=4,271,743,742
Thermax Melange Spinning Mills Ltd. 2,894,633,269 - 2,894,633,269 UC=2,894,633,269
Thermax Knit Yarn Ltd. 2,364,438,575 - 2,364,438,575 UC=2,364,438,575
Thermax Spinning Ltd. 1,085,174,270 - 1,085,174,270 UC=1,085,174,270
Thermax Textile Mills Ltd. - 12,300,000 12,300,000 UC=12,300,000
Sub Total 14,434,832,007 33,439,649 14,468,271,656

Total=A 54,849,854,737 10,280,555,523 65,130,410,260

Amount in Taka
B. Single Borrower
Bangladesh Atomic Energy
- 412,687,244,578 412,687,244,578 -
Commission (Roopur NNP Project)
Directorate General of Defense
- 28,016,890,579 28,016,890,579 -
Purchase (DGDP)
Bangladesh Railway - 12,949,133,369 12,949,133,369 -
Civil Aviation Authority - 5,065,763,149 5,065,763,149 -
Rural Power Company Limited (RPCL) - 10,514,198,603 10,514,198,603 -
Power Grid Company of Bangladesh - 50,465,889,660 50,465,889,660 -
Bangladesh China Power Company (Pvt.) Ltd. 5,123,263,897 - 5,123,263,897 -

Bangladesh Power
- 32,862,709,001 32,862,709,001 -
Development Board (BPDB)
Bangladesh Petroleum Corporation (BPC) - 46,923,555,467 46,923,555,467 -
Bangladesh Chemical
46,517,208,292 18,090,589,403 64,607,797,695 UC=46,517,208,292
Industries Corporation (BCIC)
Bangladesh Agricultural Development
121,682,695,708 40,470,488,061 162,153,183,769 UC=121,682,695,708
Corporation (BADC)
Bangladesh Water Development Board (BWDB) 9,692,571 5,656,349,284 5,666,041,855 UC=9,692,571
Bangladesh Sugar & Food Ind. Cor. (BSFIC) 52,062,661,493 106,426,911 52,169,088,404 UC=52,062,661,493
Trading Corporation of Bangladesh (TCB) 25,186,683,222 19,650,047,230 44,836,730,452 UC=25,186,683,222

UC=4,951,141,001
Directorate General of Food (DGF) 6,386,329,984 10,181,403,089 16,567,733,073
BL=11,616,592,073
Biman Bangladesh Airlines Limited 46,465,213,236 - 46,465,213,236 UC=46,465,213,236
Payra Port Authority 49,996,198,891 574,516,465 50,570,715,356 UC=49,996,198,891
Total=B 353,429,947,294 694,215,204,849 1,047,645,152,143
Grand Total (A+B) 408,279,802,031 704,495,760,372 1,112,775,562,403
7.07.01 Restructured Loan
Name of the Borrower Restructured Amount Payment Tenure
(i) Demand Loan - 12 years

1. Beximco Limited
(ii) Term Loan 14,983,375,703 (within 30-06-2027)
11 years
2. Modern Still Mills Ltd. (i) Term Loan 3,450,200,000
(within 30-06-2027)
Total 18,433,575,703

SONALI BANK PLC
7.08 Geographical Area-wise No. of Amount in Taka % of Total Loan

Loans and Advances Branches 2023 2022 2023 2022
In Bangladesh
Urban 502 786,095,907,951 648,504,200,215 77.98 76.62
Rural 728 220,404,504,553 196,841,812,740 21.86 23.26
Sub Total 1230 1,006,500,412,504 845,346,012,955 99.844 99.870
Outside Bangladesh
Kolkata & Siliguri 2 413,099,788 430,032,942 0.05 0.06
Islamic Banking Window 1,139,165,440 654,189,014 0.13 0.09
Total 1232 1,008,052,677,732 846,430,234,911 100 100
Head office is included in Urban area.

7.08.01 In Bangladesh (GM's office & District wise)
Dhaka Central
Dhaka Central - 339,770,097,190 - 40.142

Bangabandhu Dhaka Central 32 441,119,648,125 14,311,077,475 43.760 1.691
Dhaka East 19 3,591,891,659 2,955,394,831 0.356 0.349
Dhaka West 23 9,439,277,367 7,360,260,634 0.936 0.870
Sub Total 74 454,150,817,151 364,396,830,130 45.052 43.051
Dhaka North
Gazipur 22 7,039,761,455 5,950,034,586 0.698 0.703
Mirpur 21 5,612,514,412 4,857,518,835 0.557 0.574
Tangail 17 5,331,698,169 4,467,133,889 0.529 0.528
Manikgonj 11 2,759,951,061 2,281,249,829 0.274 0.270
Sub Total 71 20,743,925,096 17,555,937,139 2.058 2.074
Dhaka South
Dhaka South 30 75,698,149,544 58,604,554,125 7.509 6.924
Narsingdi 21 6,039,451,385 5,246,464,999 0.599 0.620
Munshigonj 18 2,602,960,964 2,231,054,574 0.258 0.264
Narayangonj 18 4,342,852,700 3,974,262,142 0.431 0.470
Sub Total 87 88,683,414,592 70,056,335,840 8.797 8.277
Chattogram North GM's Office

Chattogram North 20 3,290,505,675 15,535,610,896 0.326 1.835
Chattogram Central 17 5,281,786,765 - - -
Patiya 14 2,028,439,823 1,804,205,106 0.201 0.213
Bandarbon 7 1,956,903,319 1,806,591,690 0.194 0.213
Sub Total 58 12,557,635,582 19,146,407,692 0.722 2.262
Chattogram South GM's Office

Chattogram South 18 18,906,280,141 9,282,072,626 1.876 1.097
Cox's Bazar 10 3,503,939,610 3,125,584,078 0.348 0.369
Rangamati 24 7,669,956,881 7,097,631,096 0.761 0.839
Sub Total 52 30,080,176,632 19,505,287,800 2.984 2.304

Geographical Area-wise No.of Amount in Taka % of Total Loan
Loans and Advances Branches 2023 2022 2023 2022
Cumilla GM's Office
Cumilla North 22 7,648,215,823 10,427,401,811 0.759 1.232
Cumilla South 17 4,682,992,192 - - -
Brahmanbaria 23 5,602,471,434 4,550,777,807 0.556 0.538
Chandpur 20 4,870,468,555 4,122,976,612 0.483 0.487
Sub Total 82 22,804,148,005 19,101,156,230 1.798 2.257
Noakhali GM's Office
Noakhali 28 6,024,584,544 5,291,938,026 0.598 0.625
Feni 17 2,824,453,752 2,387,793,535 0.280 0.282
Laxmipur 12 3,184,541,944 2,975,308,690 0.316 0.352
Sub Total 57 12,033,580,240 10,655,040,252 1.194 1.259
Barishal GM's Office

Barishal East 20 7,461,976,148 6,463,938,208 0.740 0.764
Barishal West 17 5,433,725,998 4,664,527,034 0.539 0.551
Patuakhali 21 8,038,677,272 7,359,977,404 0.797 0.870
Pirojpur 10 4,359,485,095 3,797,598,036 0.432 0.449
Bhola 10 3,375,337,934 2,868,767,677 0.335 0.339
Sub Total 78 28,669,202,446 25,154,808,359 2.844 2.972
Faridpur GM's Office

Faridpur 23 10,438,616,319 9,148,298,484 1.036 1.081
Madaripur 17 6,029,135,553 5,081,492,673 0.598 0.600
Kushtia 22 8,283,412,633 7,158,752,551 0.822 0.846
Gopalgonj 12 4,796,377,791 4,004,106,064 0.476 0.473
Rajbari 12 2,963,384,051 2,485,218,183 0.294 0.294
Sub Total 86 32,510,926,347 27,877,867,955 3.225 3.294
Khulna GM's Office

Khulna 23 33,431,561,963 30,434,015,704 3.316 3.596
Satkhira 17 5,290,965,319 4,568,946,843 0.525 0.540
Bagerhat 14 4,799,801,610 4,159,259,643 0.476 0.491
Narail 11 3,892,494,290 3,362,127,151 0.386 0.397
Sub Total 65 47,414,823,182 42,524,349,341 4.704 5.024
Jashore GM's Office

Jashore North 18 7,618,359,315 5,584,926,355 0.756 0.660
Jashore South 17 5,006,332,189 4,267,878,438 0.497 0.504
Chuadanga 20 7,003,252,991 5,792,846,861 0.695 0.684
Jhenaidah 23 14,266,023,960 12,232,473,850 1.415 1.445
Sub Total 78 33,893,968,455 27,878,125,505 3.362 3.294
Mymensingh GM's Office
Mymensingh 25 11,622,593,623 10,179,927,122 1.153 1.203
Kishoregonj 18 5,650,525,072 4,827,606,570 0.561 0.570
Netrokona 14 7,945,488,467 7,474,660,450 0.788 0.883
Sub Total 57 25,218,607,162 22,482,194,142 2.502 2.656

SONALI BANK PLC
Amount in Taka % of Total Loan

2023 2022 2023 2022
Jamalpur GM's Office
Ghatail -Tangail 15 4,096,682,284 3,671,911,729 0.406 0.434
Jamalpur 19 10,184,459,496 9,164,310,710 1.010 1.083
Sherpur 10 5,641,199,243 5,130,817,321 0.560 0.606
Sub Total 44 19,922,341,024 17,967,039,761 1.976 2.123
Rajshahi GM's Office
Rajshahi 24 14,179,546,141 13,026,717,996 1.407 1.539
Pabna 18 7,787,967,233 7,083,256,620 0.773 0.837
Naogaon 19 9,166,206,952 8,081,064,868 0.909 0.955
Natore 13 10,221,956,700 9,234,467,689 1.014 1.091
Chapai Nawabganj 8 4,783,752,011 4,277,581,480 0.475 0.505
Sub Total 82 46,139,429,038 41,703,088,653 4.577 4.927
Rangpur GM's Office

Rangpur 19 16,097,405,106 15,009,619,503 1.597 1.773
Kurigram 17 13,883,613,982 12,336,540,673 1.377 1.457
Gaibandha 16 12,719,744,733 11,858,550,825 1.262 1.401
Nilphamari 10 9,763,136,734 9,177,047,601 0.969 1.084
Sub Total 62 52,463,900,555 48,381,758,602 5.204 5.716
Bogura GM's Office
Bogura North 15 5,469,327,907 4,690,500,434 0.543 0.554
Bogura South 17 5,921,970,056 5,468,003,680 0.587 0.646
Joypurhat 8 6,291,012,655 5,819,004,911 0.624 0.687
Sirajganj 21 6,422,407,957 5,917,915,769 0.637 0.699
Sub Total 61 24,104,718,575 21,895,424,793 2.391 2.587
Dinajpur GM's Office
Dinajpur North 18 12,274,765,634 11,462,661,636 1.218 1.354
Dinajpur South 15 4,995,484,796 4,615,041,818.01 0.496 0.545
Thakurgaon 22 17,959,347,802 16,406,224,828 1.782 1.938
Sub Total 55 35,229,598,232 32,483,928,282 3.495 3.838
Sylhet GM's Office
Sylhet 33 6,727,006,059 5,573,469,162 0.667 0.658
Moulvibazar 22 3,587,700,859 3,128,259,970 0.356 0.370
Habiganj 13 3,553,729,272 3,050,483,099 0.353 0.360
Sunamganj 13 6,010,764,000 4,828,220,249 0.596 0.570
Sub Total 81 19,879,200,189 16,580,432,480 1.972 1.959
Total 1230 1,006,500,412,504 845,346,012,955 99.846 99.872

Total Loans & Advances 1232 1,008,052,677,732 846,430,234,911 100 100
Head office & Islamic Banking Window is included in Total Loans & Advances

Divisional Office wise No.of Amount in Taka % of Total Loan
7.08.02
In Bangladesh Branches 2023 2022 2023 2022
Dhaka Central 74 454,150,817,151 364,396,830,130 45.05 43.05
Dhaka North 71 20,743,925,097 17,555,937,139 2.06 2.07
Dhaka South 87 88,683,414,592 70,056,335,840 8.80 8.28
Barishal 78 28,669,202,446 25,154,808,359 2.84 2.97
Chattogram South 52 30,080,176,632 - 2.98 -
Cumilla 82 22,804,148,005 19,101,156,230 2.26 2.26
Faridpur 86 32,510,926,347 33,670,714,817 3.23 3.98
Khulna 65 47,414,823,182 64,609,627,985 4.70 7.63
Jashore 78 33,893,968,455 - 3.36 -
Mymensingh 57 25,218,607,162 40,449,233,903 2.50 4.78
Jamalpur 44 19,922,341,024 - 1.98 -
Rajshahi 82 46,139,429,038 41,703,088,653 4.58 4.93
Rangpur 62 52,463,900,555 48,381,758,602 5.20 5.72
Sylhet 81 19,879,200,187 16,580,432,480 1.97 1.96
Bogura 61 24,104,718,575 21,895,424,793 2.39 2.59
Noakhali 57 12,033,580,240 10,655,040,252 1.19 1.26
Dinajpur 55 35,229,598,235 32,483,928,282 3.49 3.84
1230 1,006,500,412,504 845,346,012,955 99.82 99.86
Total 1232 1,008,052,677,732 846,430,234,911 100 100
7.09 Details of Provision required and held for loans and advances:
A. Required Provision for loans and advances: Amount in Taka
2023 2022
For Classified Loan 80,454,564,494 70,430,386,199
For Loan against which writ has been filed 9,829,215,509 1,902,562,821
For Overseas Branches Classified Loan 55,910,583 53,542,532
For Unclassified Loan 13,199,699,975 11,989,582,875
For Overseas Branches Unclassified Loan 4,614,057 2,028,148
103,544,004,618 84,378,102,576
B. Provision Made for loans and advances:
For Classified Loan 80,454,564,494 70,430,386,199
For Loan against which writ has been filed 9,829,215,509 1,902,562,821
For Overseas Branches Classified Loan 55,910,583 53,542,532
For Unclassified Loan 13,199,699,975 11,989,582,875
For Overseas Branches Unclassified Loan 4,614,057 2,028,148
103,544,004,618 84,378,102,576
C. Provision Surplus/(Deficit)
For Classified Loan including writ - -
For Overseas Branches Classified Loan - -
For Unclassified Loan - -
Provision Surplus/(Deficit) - -

SONALI BANK PLC
7.09.01 Classification of advances as per Bangladesh Bank circular

% of Total Loans Amount in Taka
Unclassified
2023 2022 2023 2022
Standard (Including Staff Loan) 83.69% 81.00% 843,600,035,109 685,609,771,951
Special Mention Account (SMA) 2.94% 4.05% 29,612,491,129 34,291,200,000
Islamic Windows 0.11% 0.07% 1,073,147,894 615,604,770
Overseas Branches 0.04% 0.04% 357,230,217 376,921,720
Sub Total 86.77% 85.17% 874,642,904,349 720,893,498,441
Classified
Sub Standard 0.33% 0.61% 3,339,619,396 5,192,563,473
Doubtful 0.20% 0.20% 1,973,710,934 1,654,183,377
Bad/Loss 12.70% 14.01% 127,974,555,936 118,598,294,155
Islamic Windows 0.01% 0.00% 66,017,546 38,584,243
Overseas Branches 0.01% 0.01% 55,869,571 53,111,222
Sub Total 13.23% 14.83% 133,409,773,383 125,536,736,470
TOTAL 100.00% 100.00% 1,008,052,677,732 846,430,234,911
*Classified portion of loans and advances of overseas branch was correctly incorporated into the classified amount.
7.10 Particulars of required provision for loans an dadvances/investments status
Base for Required Provision
A General provision Rate(%)
provision 2023 2023 2022
Standard & SMA
i) Housing Finance 13,434,842,690 1.00% 134,348,427 113,109,556
ii) Loan for Professional 3,283,725,784 2.00% 65,674,516 43,773,821
iii) Consumer Financing 164,462,933,797 2.00% 3,267,795,718 3,019,401,790
iv) Short Term Agri & Micro 69,525,719,587 1.00% 695,257,196 648,315,209
v) Small Medium Enterprise Financing 94,498,426,356 0.25% 236,246,066 122,866,095
vi) Provision for BRPD5/2019 8,200,198,990 0.00% 2,301,927,006 2,197,794,659
vii) Provision for BRPD56/2020 55,556,045,914 1.00% 440,212,119 532,614,114
viii) Provision for BRPD53/2021 14,128,616,050 2.00% 293,804,267 264,940,798
ix) Provision for BRPD14/2022 28,305,451,145 2.00% 283,165,927 350,876,242
x) Others 518,486,029,908 1.00% 5,459,805,776 4,684,899,413
xi) Islamic Windows - 1.00% 21,462,958 10,991,177
xii) Overseas Branches - 1.00% 4,614,056 2,028,148
SubTotal 969,881,990,221 13,204,314,032 11,991,611,023
Base for Required Required
B Specific provision Status Provision Rate (%) Provision Provision
2023 2023 2022
Sub-standard
i) Short term Micro Credit 8,498,850,672 5.00% 424,942,534 537,451,282
ii) Others 1,854,439,612 20.00% 316,175,030 686,122,393
Doubtful
i) Short term Micro Credit 295,236,523 5.00% 14,761,826 92,122,834
ii) Others 625,195,395 50.00% 244,970,090 121,762,255
Bad / Loss
i) Domestic Branches 69,702,255,121 100.00% 79,413,252,506 68,959,304,261
Islamic Windows - 100.00% 40,462,509 38,584,243

Overseas Branches - 100.00% 55,910,582 48,581,464
80,975,977,323 80,510,475,077 70,483,928,732
C For Loan against which writ has been filed 9,829,215,509 1,902,562,821
Total Required Provision for Loans & Advances (A+B+C) 103,544,004,618 84,378,102,576

7.10.01 In response to Bank's request regarding maintenance of provisions for loans & advances for 2023, Bangladesh
Bank vide letter no-DOS(CAMS)1157/41(Dividend)/2024-1840 dated 30 April 2024 has given certain directives
for maintenance of provision against unclassified and classified loans & advances, investments and balance
with Bangladesh Bank as on 31 December 2023. As per the directives, the Bank has calculated the required
provision against unclassified and classified loans & advances and maintained provision amounting taka
10,354.40 crore by relishing deferral of taka 1,272.26 crore accordingly. In addition Bangladesh Bank has
also allowed deferral of Tk 1,234.50 crore of provision against balance with Bangladesh Bank.
Amount in Taka
Bank
2023 2022
7.11 Industry-Wise Segment of Loan and advances
Rice Industries 4,137,919,892 4,179,600,000
Jute Industries 7,043,499,604 7,284,800,000
Barter Accounts 932,606,463 932,606,463
Food Processing Industries 10,728,355,790 10,871,200,000
Trading Company 92,623,701,352 58,259,400,000
Garments Industry 49,227,577,874 49,870,500,000
Textile Industry 56,487,316,537 54,136,800,000
Fish Processing 3,696,288,861 3,782,600,000
Cold Storage 3,104,263,306 3,131,100,000
Housing Companies (Developers) 1,251,558,701 1,242,100,000
Tennery & Leather Products 2,611,163,688 2,646,200,000
Bricks & Sand Elevators 1,044,472,086 1,060,000,000
Power and Gas 2,942,565,344 3,159,700,000
Hotel & Cottage 311,761,637 320,000,000
Ship Building Industry 1,141,494,886 1,159,600,000
Rural Credit & Agri. Loan 55,398,685,067 47,450,300,000
Pharmaceutical/Chemical & Fertilizer 1,579,649,976 1,331,800,000
Iron/Steel/ Engineering Industry 14,239,634,622 11,701,500,000
Paper Products/Printing Packaging 4,399,009,097 4,400,500,000
Glass/Ceramic/Plastic 3,283,049,090 3,398,500,000
Other Industry 10,345,728,708 10,010,900,000
Foreign Exchange (LTR/LIM/PAD/FBPN, etc) 221,428,442,802 165,336,693,835
Biman Bangladesh Airlines Ltd. 46,465,213,236 48,371,400,000
Others (OD/Staff/IT/BADC/BSEC/ BJMC/BCIC/BTMC/BSFIC/
413,628,719,114 352,392,434,613
TCB/BWDB/SB-UK/Payra/PU/Ov. Branches)
Total 1,008,052,677,732 846,430,234,911
7.12 Sector wise Loans and Advances
Government 7.12.01 9,955,000,000 15,574,295,446
Other Public (Semi Govt. Autonomous) 7.12.02 343,647,977,944 239,953,482,871
Private 7.12.03 652,897,434,560 589,818,234,638
1,006,500,412,504 845,346,012,955
Islamic Windows 7.12.04 1,139,165,440 654,189,014
Overseas Branches 7.12.05 413,099,788 430,032,942
Total 1,008,052,677,732 846,430,234,911

SONALI BANK PLC
Amount in Taka
Bank
2023 2022
7.12.01 Government
Unclassified
Standard 7,587,200,000 13,206,500,000
SMA - -
Subtotal 7,587,200,000 13,206,500,000
Classified
Sub standard - -
Doubtful - -
Bad/Loss 2,367,800,000 2,367,795,446
Sub total 2,367,800,000 2,367,795,446
Total 9,955,000,000 15,574,295,446
7.12.02 Other Public
Unclassified
Standard 342,056,077,944 232,972,400,000
SMA 1,019,400,000 6,400,100,000
Sub total 343,075,477,944 239,372,500,000
Classified
Sub standard - -
Doubtful - -
Bad/Loss 572,500,000 580,982,871
Sub total 572,500,000 580,982,871
Total 343,647,977,944 239,953,482,871
7.12.03 Private
Unclassified
Standard 494,515,747,617 438,314,576,485
SMA 29,312,604,489 29,007,395,465
Sub total 523,828,352,106 467,321,971,950
Classified
Sub standard 3,179,370,822 5,192,647,770
Doubtful 1,928,097,854 1,654,198,221
Bad/Loss 123,961,613,778 115,649,416,697
Sub total 129,069,082,454 122,496,262,688
Total 652,897,434,560 589,818,234,638

7.12.04 Islamic Windows (Standard) 1,073,147,894 615,604,770
Islamic Windows (Classified) 66,017,546 38,584,243
Sub total 1,139,165,440 654,189,014
7.12.05 Overseas Branches (Standard) 357,230,217 376,921,720
Overseas Branches (Classified) 55,869,571 53,111,222
Sub total 413,099,788 430,032,942
Total Loan and Advances 1,008,052,677,732 846,430,234,911

Amount in Taka
Bank
2023 2022
7.13 Movement of Classified Loans and Advances as a Whole
Opening Classified Loans and Advances 125,536,736,470 119,585,290,407
Less:
Cash Recovery 5,674,900,000 4,410,300,000
Written-off - -
Interest waiver 391,400,000 858,900,000
Re-schedule, Renew 5,578,100,000 7,781,000,000
Re-structuring - -
11,644,400,000 13,050,200,000
Add: Classified loans and advances during the year 19,517,436,913 19,001,646,063
133,409,773,383 125,536,736,470
7.14 Particulars of Loan and Advances/Investments
i) Loans considered good in respect of which the banking company is fully secured. 623,307,469,730 503,867,933,532
ii) Loans considered good against which the banking company holds no
119,672,530,483 113,801,676,707
security other than the debtors’ personal guarantee.
iii) Loans considered good secured by the personal undertakings of one or
131,444,985,663 107,068,140,439
more parties in addition to the personal guarantee of the debtor
iv) Loans adversely classified; provision not maintained there against - -
874,424,985,876 724,737,750,678
v) Loans due by Directors or Officers of the banking company or any of
76,678,982,184 68,024,814,877
these either separately or jointly with any other persons
vi) Loans due from Companies or Firms in which the directors of the
Banking Company have interests as Director(s), Partner(s) or Managing - -
agent(s) or in case of private companies as member(s).
vii) Maximum total amount of advances, including temporary advances
made at any time during the year to directors or managers or officers of 76,678,982,184 68,024,814,877
the bank or any of them either severally or jointly with any other persons.
viii) Maximum total amount of advances, including temporary advances
granted during the year to the companies or firms in which any of the
- -
directors of the bank are interested as partners or managing agent or, in
case of private companies as members.
ix) Due from other banking companies - -
x) Amount of Classified Loans on which Interest has not been Charged - -
a) Increase/(Decrease) in Provision (236,675) (257,831)

Less: Provision debited against interest waiver 458,187,422 545,090,988
Amount of provision released against interest waiver 457,950,747 544,833,157
b) Amount of provision kept against loan classified 90,339,690,586 72,386,491,553
c) Interest Credited to the Interest Suspense A/C 62,445,357,137 56,019,736,510

SONALI BANK PLC
Amount in Taka
Bank
2023 2022
xi) Written-off Loans as per Bangladesh Bank BRPD Circular no-02

dated 13, January 2003.
Opening amount to written off loan 66,779,729,459 68,277,291,547
Less: Amount realized (includes cash & interest waiver) during the year 666,710,912 1,497,562,088
Add: Amount of written off Loan during the current year - -
Closing amount to written off loans 66,113,018,546 66,779,729,459
xii) Written-off Loan sasper Bangladesh Bank BRPD Circular no-02

dated 13 January 2003.
Cumulative amount of written off loans 66,113,018,546 66,779,729,459
Note: Various steps have been taken to realise the written off loan and proper records are being maintained.
Amount in Taka
2023 2022 2023 2022
8.00 Fixed Asset including Premises, Furniture & Fixture

(A) Cost/Revaluation
In Bangladesh
Premises 32,289,540,305 32,256,947,656 31,980,327,211 31,980,327,211
Building Constructions 464,148,224 404,673,971 464,148,225 404,673,972
Furniture 1,753,410,996 1,607,210,384 1,655,083,952 1,525,892,661
Electric Installation 1,549,380,645 1,442,855,118 1,517,016,829 1,399,185,457
Computer Hardware 3,333,722,156 2,939,671,428 3,232,649,899 2,863,078,297
Type Writer Machine 5,540,073 5,608,372 5,540,074 5,608,372
Motor Car & Other Vehicle 692,284,100 690,276,947 650,873,897 650,873,907
Library 14,016,134 13,892,021 14,016,134 13,892,021
Sub-Total 40,102,042,634 39,361,135,898 39,519,656,220 38,843,531,897
Overseas Branches
India Operation 34,244,731 29,790,601 34,244,731 29,790,601
Sub-Total 34,244,731 29,790,601 34,244,731 29,790,601
Intangible Assets
Computer Software 888,804,041 785,869,081 852,248,013 771,878,082
Sub-Total 888,804,041 785,869,081 852,248,013 771,878,082
Right of Use Assets 1,080,023,515 531,015,738 1,076,329,164 531,015,738
Total Cost Value 42,105,114,921 40,707,811,318 41,482,478,128 40,176,216,318

Amount in Taka
2023 2022 2023 2022
(B) Accumulated Depreciation
In Bangladesh
Premises 754,375,411 673,886,104 614,406,865 557,071,774
Furniture 1,128,775,627 1,009,941,285 1,054,501,941 946,290,554
Library 8,914,068 7,528,645 8,914,067 7,528,644
Sub-Total 6,333,455,292 5,729,815,446 5,975,636,120 5,406,911,004
Overseas Branches
India Operation 25,022,155 22,649,109 25,022,155 22,649,109
Sub-Total 25,022,155 22,649,109 25,022,155 22,649,109
Depreciation of Right of Use Assets 254,766,030 149,825,013 251,071,552 149,825,013
Total Accumulated Depreciation 6,613,243,476 5,902,289,567 6,251,729,826 5,579,385,125
(C) Amortization of Intangible Assets

Total 7,458,735,443 6,580,836,271 7,080,489,462 6,244,328,252
Written Down Value on Cost & Valuation (A-B-C) 34,646,379,478 34,126,975,047 34,401,988,666 33,931,888,066
Details Shown in Annexure-B & C.
8.01 Movement of Fixed assets
Cost (Original) / Revaluation 40,707,811,318 39,839,471,301 40,176,216,318 39,399,452,155

Addition during the year 1,399,396,923 1,037,691,295 1,347,196,698 949,342,357
42,107,208,241 40,877,162,596 41,523,413,016 40,348,794,512
Less: Disposal / Adjustment
52,859,891 174,277,894 40,934,887 172,578,194
during the year
42,054,348,350 40,702,884,703 41,482,478,128 40,176,216,318
Add / (less): Foreign currency gain loss 50,766,571 4,926,615 - -
Less: Accumulated
7,458,735,443 6,580,836,271 7,080,489,462 6,244,328,252
Depreciation & Amortization
Details shown in Annexure-B & C. 34,646,379,478 34,126,975,047 34,401,988,666 33,931,888,066
8A.00 Fixed Asset including Premises, Furniture & Fixture
(A) Cost Basis
In Bangladesh:
Premises 2,225,956,088 2,193,363,439 1,921,286,125 1,921,286,125
Building Constructions 464,148,224 404,673,971 464,148,225 404,673,972
Furniture 1,753,149,402 1,606,948,791 1,655,083,952 1,525,892,661

SONALI BANK PLC
Amount in Taka
2023 2022 2023 2022
Library 14,016,134 13,892,021 14,016,134 13,892,021
Sub-Total 10,038,196,823 9,297,290,088 9,460,615,135 8,784,490,811
Overseas Branches:
India Operation 34,244,731 29,909,003 34,244,731 29,790,601
Sub-Total 34,244,731 29,909,003 34,244,731 29,790,601
Intangible Assets
Total Cost Value 10,961,245,596 10,113,068,171 10,347,107,880 9,586,159,495

In Bangladesh:
Premises 650,658,518 570,169,211 510,427,424 453,092,333
Furniture 1,128,699,494 1,009,941,285 1,054,501,941 946,290,554
Library 8,914,068 7,528,645 8,914,067 7,528,644
Sub-Total 6,229,399,774 5,625,836,061 5,871,656,679 5,302,931,563
Overseas Branches:
India Operation 25,022,155 22,742,879 25,022,155 22,649,109
Sub-Total 25,022,155 22,742,879 25,022,155 22,649,109
Total Accumulated Depreciation 6,254,421,929 5,648,578,940 5,896,678,834 5,325,580,672
(C) Amortization of Intangible Assets Computer Software

845,491,966 678,546,703 828,759,636 664,943,127
Written Down Value on Cost Basis

3,861,331,701 3,785,942,528 3,621,669,410 3,595,635,696
(A-B-C)
Details shown in Annexure-D&E
8A.01 Movement of Fixed assets

Cost (Original) / Revaluation 10,112,949,769 9,119,040,940 9,586,159,495 8,678,903,391
Addition during the year 854,083,497 1,037,691,295 801,883,272 949,342,357
10,967,033,267 10,156,732,235 10,388,042,767 9,628,245,749
Less: Disposal / Adjustment during the year 52,859,891 43,785,954 40,934,887 42,086,254
10,914,173,376 10,112,946,281 10,347,107,880 9,586,159,495

Amount in Taka
2023 2022 2023 2022
Add / (less): Foreign currency
47,072,220 121,890 - -
gain loss
Less: Accumulated
7,099,913,894 6,327,125,643 6,725,438,470 5,990,523,798
Depreciation & Amortization
Details shown in Annexure-D & E 3,861,331,701 3,785,942,528 3,621,669,410 3,595,635,696
9.00 Other Asset

Income generating other assets
Investment in Shares of Subsidiary
9.01 1,688,357,401 554,118,079 8,024,849,275 6,275,407,501
& Associate Company
Interest, Commission and
9.04 18,443,521,856 17,726,550,661 18,219,939,934 17,606,055,029
Exchange Receivable
Prepaid Expenses SB (UK) Ltd. - 545,841,620 - -
Prepaid Expenses - 1,119,582 - 1,119,582
20,131,879,257 18,827,629,942 26,244,789,209 23,882,582,112
Non Income generating other assets
Stationery, Stamps and Printing
9.02 237,059,341 172,849,909 237,059,341 172,849,909
Materials in hand
Advance Rent, Advertisement etc. 9.03 22,647,968 44,239,262 22,647,968 44,239,262
Prepaid Expenses SB (UK) Ltd. 89,256,586 - - -
Prepaid Expenses 9.05 1,121,869 - 1,121,869 -
Branch Adjustment 9.06 11,951,791,048 18,905,171,876 11,951,791,048 18,905,171,876
Security Deposits of SECI 10,168,543 8,812,539 - -
Advance deposit of SIL 700,000 700,000 - -
Suspense A/C 9.07 164,178,388 175,079,664 164,178,388 175,079,664
Others 9.08 100,676,879,603 114,082,200,590 100,433,796,998 113,840,001,875
Details shown in Annexure-G 113,153,803,346 133,389,053,841 112,810,595,611 133,137,342,587
133,285,682,602 152,216,683,783 139,055,384,821 157,019,924,698
9.01 Investment in Shares of Subsidiary, Associate Companies & India Operation
In Bangladesh
Sonali Investment Limited (SIL) - - 2,000,000,000 2,000,000,000
Sonali Intellect Limited 26,250,000 26,250,000 26,250,000 26,250,000
Outside Bangladesh
Sonali Bank India Operation 1,662,107,401 527,868,079 1,662,107,401 527,868,079
Sonali Exchange Co. Inc. (USA) - - 104,500,000 98,132,150
Sonali Pay (UK) Limited - - 131,694,400 -
Sonali Bangladesh (UK) Limited - - 4,100,297,474 3,623,157,272
1,688,357,401 554,118,079 8,024,849,275 6,275,407,501
9.02 Stationery, Stamps and Printing Materials in hand

Stamps in hand 11,821,067 11,423,327 11,821,067 11,423,327
Stationery in hand 225,238,274 161,426,583 225,238,274 161,426,583
237,059,341 172,849,909 237,059,341 172,849,909
9.03 Advance Rent and Advertisement etc.
Advance Rent (Non Interest Bearing) 22,647,968 44,239,262 22,647,968 44,239,262
22,647,968 44,239,262 22,647,968 44,239,262

SONALI BANK PLC
Amount in Taka
2023 2022 2023 2022
9.04 Interest, Commission & Exchange receivable
i) Interest receivable 15,370,173,000 14,155,962,715 15,370,173,000 14,155,962,715
ii) Commission receivable 2,444,498,542 3,449,956,307 2,444,498,542 3,449,956,307
iii) Exchange receivable 405,268,392 136,006 405,268,392 136,006
iv) Others receivable of SECI 176,145,200 100,560,740 - -
v) Others receivable of SPUK 1,890,145 - -
vi) Others receivable of SIL 45,546,576 19,934,892 - -
18,443,521,856 17,726,550,661 18,219,939,934 17,606,055,029
9.05 Preliminary, Formationand Organization Expenses, Renovation/development Expenses, and prepaid Expenses
Prepaid Expenses (Transfer red from adjustingA/C)
Rent - - - -
Law charges - - - -
Postage 35,869 33,582 35,869 33,582
Salary 1,086,000 1,086,000 1,086,000 1,086,000
1,121,869 1,119,582 1,121,869 1,119,582
9.06 Branch Adjustment
Debit Balance
Sonali Bank General Account Balance 6,246,995,759,845 6,236,406,059,162 6,246,995,759,845 6,236,406,059,162
Main Office Account Balance (New) 260,848,036,186 260,848,036,186 260,848,036,186 260,848,036,186
Sonali Bank General Account (RMS+) 15,062,959,403,438 12,153,100,235,965 15,062,959,403,438 12,153,100,235,965
Sonali Bank General Account (CBS) 14,459,996,354,962 11,501,407,910,631 14,459,996,354,962 11,501,407,910,631
36,030,799,554,431 30,151,762,241,944 36,030,799,554,431 30,151,762,241,944
Less:Credit Balance
Sonali Bank General Account Balance 6,244,669,317,820 6,234,000,365,190 6,244,669,317,820 6,234,000,365,190
Main Office Account Balance (New) 260,698,542,040 260,698,530,040 260,698,542,040 260,698,530,040
Sonali Bank General Account (RMS+) 15,053,483,656,837 12,136,750,372,484 15,053,483,656,837 12,136,750,372,484
Sonali Bank General Account (CBS) 14,459,996,246,687 11,501,407,802,355 14,459,996,246,687 11,501,407,802,355
36,018,847,763,384 30,132,857,070,068 36,018,847,763,384 30,132,857,070,068
11,951,791,048 18,905,171,876 11,951,791,048 18,905,171,876
9.06.01 Provision against Branch Adjustment (Unreconciled Entries)
Bank has calculated there quired provision against branch adjustment (unreconciled entries) as required for the year
ended 31 December 2023.Accordingly Bank has maintained the provision amounting taka 447.73 crore which is
100% of requirement.
9.07 Suspense Account

Prepaid Expenses 323,433 9,329,526 323,433 9,329,526
Dead Stock 268,500 410,450 268,500 410,450
Building Construction 742,500 460,000 742,500 460,000
Advance Recoverable 1,614,877 2,705,210 1,614,877 2,705,210
Traveling Expenses 4,971,895 6,179,825 4,971,895 6,179,825
Advance Rent - 40,000 - 40,000
Miscellaneous 156,257,184 155,954,653 156,257,184 155,954,653
164,178,388 175,079,664 164,178,388 175,079,664

Amount in Taka
2023 2022 2023 2022
9.08 Others:
Demand Draft Paid in Ex-Advice 46,418,634 47,569,597 46,418,634 47,569,597
Govt. Demand Draft Paid in Ex-Advice 1,331,466 1,337,304 1,331,466 1,337,304
Protested Bills 288,450,911 289,179,711 288,450,911 289,179,711
Adjusting A/C Debit Balance 1,126,939,547 1,018,362,815 1,126,939,547 1,018,362,815
Income Tax Deducted at Source 31,515,354,031 28,952,668,659 31,515,354,031 28,952,668,659
SBPLC Employees Pension fund Investment - 393,591,776 - 393,591,776
SBPLC Employees PDCRB fund Investment - 520,704,230 - 520,704,230
SBPLC Employees Benevolent fund Investment 178,417,953 159,525,776 178,417,953 159,525,776
BRDB UCCA Crop Loans Int &
511,283,719 511,283,719 511,283,719 511,283,719
Penal Int. Exemption-2007
Settlement A/C Islamic Window - 610,478,202 - 610,478,202
Loan Exemption Under Jute
5,094,543,083 5,094,543,083 5,094,543,083 5,094,543,083
Sectors Reform Proj. 94-95.
Demand Drafts Purchased (DDP) 207,266,304 262,195,043 207,266,304 262,195,043
Pension Bills (Army) 2,841,089,835 3,077,516,185 2,841,089,835 3,077,516,185
Pension Bills (Civil) 78,100,785 91,641,088 78,100,785 91,641,088
Sanchaypatra Encashment Account 5,989,537,903 6,840,012,531 5,989,537,903 6,840,012,531
Agri Exemption A/C affected by River Erosion 99,557,837 99,557,837 99,557,837 99,557,837
Wage Earners' Bond Encashment A/C. 3,812,461,729 2,982,706,761 3,812,461,729 2,982,706,761
Deferred Tax assets 9.08.01 19,859,069,354 22,984,290,766 19,851,485,179 22,977,646,836
Army Pension bill Purchased A/C New 2,748,377,803 7,824,410,537 2,748,377,803 7,824,410,537
Advance Payment of Income Tax 8,976,323,815 8,776,323,815 8,976,323,815 8,776,323,815
Preliminary Expenses-HR Recruitment A/C 10,796,452 26,440,016 10,796,452 26,440,016
ATM Settlement Account Debit Balance 125,466,519 327,647,410 125,466,519 327,647,410
SECI Settlement Account Debit Balance 67,038,487 67,038,487 67,038,487 67,038,487
Clearing Settlement Account Debit Balance 12,306,115 25,861,925 12,306,115 25,861,925
Govt. Transaction Settlement Account
14,584,418,284 16,703,903,295 14,584,418,284 16,703,903,295
Debit Balance
Mobile Financial Services Link
30,199,414 8,122,220 30,199,414 8,122,220
Settlement Account Debit Balance
Placement With Solicitation Account 216,899,183 193,677,713 216,899,183 193,677,713
Advance Payment of Income Tax for SIL 35,839,080 81,097,192 - -
Kally an Bhata(DDP) Reimbursement New 23,417,749 - 23,417,749 -
Non-Interest Bearing Blocked Account
- - - -
for COVID-19
Receivable from Govt.Under Savings
Certificate Issued to Workers of BJMC 1,498,067,711 3,051,881,090 1,498,067,711 3,051,881,090
against Retirement Benefit
FET Settlement Account Debit Balance - 1,053,455,853 - 1,053,455,853
Bank POS Settlement Account Debit Balance 485,200 39,700 485,200 39,700
SPG Settlement Account Debit Balance - 578,304,123 - 578,304,123
Tap Link Settlement Account Debit Balance - 1,336 - 1,336
Imprest Receivable A/C from B.B
- 250,374,410 - 250,374,410
against W.E.R
Others Current assets of SECI 199,659,350 154,457,594 - -
Total 100,676,879,603 114,082,200,590 100,433,796,998 113,840,001,875

SONALI BANK PLC
Amount in Taka
2023 2022 2023 2022
9.08.01 Deferred Tax assets
Opening Balance 22,984,290,766 26,087,507,726 22,977,646,836 26,078,085,270
Less: Adjustment during the year 9.08.01.01 3,125,165,408 3,103,216,960 3,126,161,657 3,100,438,434
Closing Balance 19,859,069,354 22,984,290,766 19,851,485,179 22,977,646,836
9.08.01.01 Deferred Tax (Assets) / Liabilities
i) Carrying amount of Fixed Assets
a) Carrying amount at balance sheet date 33,544,020,100 33,438,856,435 33,544,020,100 33,436,620,893

Less: Land Value and building
30,122,011,525 30,062,537,272 30,122,011,525 30,062,537,272
construction Amount
Carrying value without considering land value 3,422,008,575 3,376,319,163 3,422,008,575 3,374,083,621
b) Tax base 3,536,601,125 3,476,367,267 3,536,601,125 3,474,131,725

Taxable/ (Deductible)Temporary
c) (114,592,550) (100,048,104) (114,592,550) (100,048,104)
Difference (a-b)
ii) Employees Liabilities
a) Carrying amount at balance sheet date
Provision for pension fund (101,020,892) (427,893,627) (101,020,892) (427,893,627)
Provision for PDCRB fund (3,028,095,856) (3,214,308,986) (3,028,095,856) (3,214,308,986)
Provision for Employees benefit (35,634) (35,634) (35,634) (35,634)
Provision for Benevolent Fund (191,574,699) (161,631,680) (191,574,699) (161,631,680)
Total (3,320,727,081) (3,803,869,927) (3,320,727,081) (3,803,869,927)
b) Tax base - - - -
c) Taxable / (Deductible) Temporary Difference (a-b) (3,320,727,081) (3,803,869,927) (3,320,727,081) (3,803,869,927)
iii) Provision for loans and advances
a) Carrying amount at balance sheet date - - - -
Provision for Classified loan and advances (38,767,069,760) (47,753,897,143) (38,764,579,137) (47,760,843,458)
b) Tax base - - - -
Taxable / (Deductible)
c) (38,767,069,760) (47,753,897,143) (38,764,579,137) (47,760,843,458)
Temporary Difference (a-b)
iv) Provision for other assets
a) Carrying amount at balance sheet date (5,409,100,000) (3,467,738,550) (5,409,100,000) (3,467,738,550)

b) Tax base - - - -
Taxable / (Deductible)Temporary
c) (5,409,100,000) (3,467,738,550) (5,409,100,000) (3,467,738,550)
Difference (a-b)
v) Provision for diminishing value of investment
b) Tax base - - - -
c) (1,342,671,004) (2,425,604,088) (1,342,671,004) (2,425,604,088)

Amount in Taka
2023 2022 2023 2022
vi) Provision for Other Bank's and NBFI

b) Tax base - - - -
c) (1,671,204,057) (1,671,204,057) (1,671,204,057) (1,671,204,057)
vii) Total Temporary Difference (50,625,364,451) (59,222,361,869) (50,622,873,829) (59,229,308,184)

viii) Tax Rate (10%to40%) (10%to40%) (10%to40%) (10%to40%)
ix) Deferred Tax Assets (19,847,344,479) (22,961,263,521) (19,846,348,230) (22,964,042,047)
x) Closing Deferred Tax Assets (19,847,344,479) (22,961,263,521) (19,846,348,230) (22,964,042,047)
xi) Opening Deferred Tax 22,977,646,836 26,068,785,412 22,977,646,836 26,068,785,412
Decrease/(Increase) of
3,130,302,356 3,107,521,891 3,131,298,605 3,104,743,365
Deferred Tax Assets/Liabilities
Less: Deferred Tax Income against IFRS-16 5,136,949 4,304,931 5,136,949 4,304,931
Deferred Tax Liabilities 3,125,165,408 3,103,216,960 3,126,161,657 3,100,438,434

*The Bank has maintained and adjusted (35%) DTA as per Audit Committee Meeting (No.133, dated
24 September 2019 approved Action Plan and Bangladesh Bank letter no. BRPD (BS) 661/14B(P)/2023-6041,
dated 31 July 2023.
9.09 Provision Maintained against Other Assets

Cash in Hand (Obsolete Indian Rupee) 614,675 614,675 614,675 614,675
Stamp on Hand (Obsolete) 600,000 1,300,000 600,000 1,300,000
Suspense Account 143,500,000 137,200,000 143,500,000 137,200,000
Protested Bills 288,450,911 289,179,711 288,450,911 289,179,711
Agri Loan Exemption affected by River Erosion 99,500,000 99,557,837 99,500,000 99,557,837
BRDBUCCA Crops Loans Int.
511,254,639 511,283,719 511,254,639 511,283,719
Penal Int. Exemption A/C
Demand Drafts Purchased (DDP) 29,400,000 75,100,000 29,400,000 75,100,000
Wage Earners' Bond Encashment A/C. 197,800,000 172,800,000 197,800,000 172,800,000
Pension Bills (Civil) 78,100,785 91,641,088 78,100,785 91,641,088
Interest Receivable (Including Orion Infrac. Ltd.) 1,682,500,000 633,645,036 1,682,500,000 633,645,036
Adjusting A/C Debit Balance 972,400,000 878,000,000 972,400,000 878,000,000
SECI Settlement Account Debit Balance 67,038,487 - 67,038,487 -
Govt. Demand Draft Paid in Ex-Advice 1,300,000 1,337,304 1,300,000 1,337,304
Prepaid Expenses 1,121,869 1,119,582 1,121,869 1,119,582
ATM Settlement Account Debit Balance 3,700,000 3,800,000 3,700,000 3,800,000
Clearing Settlement Account Debit Balance 10,700,000 10,700,000 10,700,000 10,700,000
Commission Receivable Account 610,500,000 107,600,000 610,500,000 107,600,000
Receivable from Govt. Under
573,300,000 343,350,000 573,300,000 343,350,000
Savings Certificate to BJMC
Placement with Solicitation Account 206,000,000 61,940,000 206,000,000 61,940,000
Sub Total 5,524,200,000 3,467,738,550 5,524,200,000 3,467,738,550

SONALI BANK PLC
Amount in Taka
2023 2022 2023 2022
Jute Sector Reform Project 9.09a 3,000,000,000 2,700,000,000 3,000,000,000 2,700,000,000
Pension for Army Bills (Old & New) 5,589,500,000 1,000,000,000 5,589,500,000 1,000,000,000
Preliminary Expenses HR Recruitment 10,800,000 9,500,000 10,800,000 9,500,000
Branch Adjustment of
9.06.01 4,477,300,000 5,233,100,000 4,477,300,000 5,233,100,000
Unreconciled Entries
Sanchaypatra Encashment Account 1,608,600,000 2,561,420,000 1,608,600,000 2,561,420,000
Provision for SBL Employees
159,525,776 - 159,525,776 -
Benevolent fund Investment
Others Provision - 7,021,691 - 7,021,691
Sub Total 14,845,725,776 11,511,041,691 14,845,725,776 11,511,041,691
Grand Total 20,369,925,776 14,978,780,241 20,369,925,776 14,978,780,241
9.09a Other Assets

Through letter no- DOS(BSS-1)1163/96/2015/821, dated 17 February 2015, Bangladesh Bank Approved the
i) Bank request to provide Tk. 30 Crore provision per year against Jute Sector Reform Project. Accordingly
Bank has kept that provision in 2023 and total provision kept Tk. 300 Crore up to 31 December 2023.
9.10 Movement of the Provision against Other Assets
Opening balance 14,978,780,241 13,637,529,950 14,978,780,241 13,637,529,950
Less: Written- off during the year - - - -
14,978,780,241 13,637,529,950 14,978,780,241 13,637,529,950
Less: Transferred to P & L A/C - - - -
14,978,780,241 13,637,529,950 14,978,780,241 13,637,529,950
Add: Addition during the year 5,391,145,535 1,341,250,291 5,391,145,535 1,341,250,291
20,369,925,776 14,978,780,241 20,369,925,776 14,978,780,241
9.11 Provision made against other assets
Other Assets 19,858,671,137 14,467,496,522 19,858,671,137 14,467,496,522
Interest reserve against BRDB
511,254,639 511,283,719 511,254,639 511,283,719
UCCA Crops Loan
20,369,925,776 14,978,780,241 20,369,925,776 14,978,780,241
10.00 Non Banking Assets ( Non income generating ) 42,765,706 41,038,796 42,765,706 41,038,796
11.00 Borrowings from other banks, financial institutions & agents
In Bangladesh 11.01 17,009,475,183 439,400,183 17,009,475,183 439,400,183
Outside Bangladesh 11.02 2,482,751,214 5,266,867,982 - -
19,492,226,397 5,706,268,165 17,009,475,183 439,400,183
11.01 In Bangladesh
Bangladesh Bank Demand Loan:
Refinance Against RHFG from
- 72,000 - 72,000
Bangladesh Bank
Refinance Against Jute Sector from
384,475,183 439,328,183 384,475,183 439,328,183
(Bangladesh Bank Demand Loan)
Assured Liquidity Support (ALS) 16,625,000,000 16,625,000,000 -
17,009,475,183 439,400,183 17,009,475,183 439,400,183
11.01.01 Security against borrowings from other banks, financial institutions and agents
Secured (against bills) 16,625,000,000 - 16,625,000,000 -
Unsecured 384,475,183 439,400,183 384,475,183 439,400,183
17,009,475,183 439,400,183 17,009,475,183 439,400,183

Amount in Taka
2023 2022 2023 2022
11.02 Outside Bangladesh
Sonali Exchange Co. Inc. 51,186,300 - - -
2,482,751,214 5,266,867,982 - -
11.03 Maturity Grouping of Borrowing From Other Banks, Financial Institutions & Agents
Payable on demand - - - -
Repayable on within 1 month - - - -
Over 1 month but within 3 Months - - - -
Over 3 months but within 1 year - - - -
Over 1 year but within 5 years - - - -
Over 5 year but within 10 years 19,517,920,087 5,706,268,165 17,009,475,183 439,400,183
19,517,920,087 5,706,268,165 17,009,475,183 439,400,183
12.00 Deposits and other accounts
12.02.01
Current Deposit & Other Accounts (a+b+c)
249,444,001,634 244,134,571,996 249,564,577,197 244,282,387,948
12.02.02
Bills Payable (a+b+c)
13,549,022,870 14,817,246,120 13,549,022,870 14,817,246,120
12.02.03
Savings Deposits (a+b+c)
636,606,889,386 587,362,193,073 636,606,889,386 587,362,193,073
12.02.04
Fixed Deposits (a+b+c)
606,332,995,685 573,800,970,173 606,332,995,685 573,800,970,173
12.02.05
Other Deposits (a+b+c)
130,446,594 100,133,935 130,446,594 100,133,935
Total Deposits and other accounts 1,506,063,356,169 1,420,215,115,296 1,506,183,931,731 1,420,362,931,248
Deposits and other accounts
Inter Bank Deposits 12.01(A) 39,443,682,911 38,943,143,758 39,443,682,911 38,943,143,758
Other than Bank Deposits 12.01(B) 1,461,671,911,326 1,376,143,590,217 1,461,671,911,326 1,376,143,590,217
1,501,115,594,238 1,415,086,733,975 1,501,115,594,238 1,415,086,733,975
Islamic Banking Window 12.01(C) 4,284,681,957 4,392,317,587 4,284,681,957 4,392,317,587
Overseas Branches 12.01(D) 783,655,532 883,879,686 783,655,532 883,879,686
5,068,337,489 5,276,197,273 5,068,337,489 5,276,197,273
Less: Inter Company balance eliminated 114,765,350 147,815,952 - -
Total 1,506,069,166,377 1,420,215,115,296 1,506,183,931,727 1,420,362,931,248
A. Inter bank deposits
Payable on Demand 27,456,661,329 18,229,644,706 27,456,661,329 18,229,644,706
Other than Demand 11,987,021,583 20,713,499,052 11,987,021,583 20,713,499,052
39,443,682,911 38,943,143,758 39,443,682,911 38,943,143,758
B. Other deposits
Payable on Demand 761,282,112,089 558,589,958,088 761,282,112,089 558,589,958,088
Other than Demand 700,389,799,237 817,553,632,129 700,389,799,237 817,553,632,129
1,461,671,911,326 1,376,143,590,217 1,461,671,911,326 1,376,143,590,217
C. Islamic Banking Window 4,284,681,957 4,392,317,587 4,284,681,957 4,392,317,587
D. Overseas Branches 783,655,532 883,879,686 783,655,532 883,879,686
5,068,337,489 5,276,197,273 5,068,337,489 5,276,197,273
Less: Inter Company balance Eliminated 114,765,350 147,815,952 - -
Total 1,506,069,166,377 1,420,215,115,296 1,506,183,931,727 1,420,362,931,248

SONALI BANK PLC
Amount in Taka
2023 2022 2023 2022
12.02 Deposits and Other Accounts (Category wise)
Domestic Branches
Current and Contingency 12.02.1.a 249,084,636,744 243,668,167,590 249,205,212,306 243,815,983,542
Bills Payable 12.02.2.a 13,548,801,976 14,815,602,500 13,548,801,976 14,815,602,500
Savings Bank Account 12.02.3.a 636,295,736,451 587,114,656,144 636,295,736,451 587,114,656,144
Fixed Deposits 12.02.4.a 602,065,843,509 569,340,491,789 602,065,843,509 569,340,491,789
Other Deposits 12.02.5.a - - - -
1,500,995,018,680 1,414,938,918,023 1,501,115,594,242 1,415,086,733,975
Overseas Branches
Current and Contingency 12.02.1.b 340,458,938 453,382,637 340,458,938 453,382,637
Bills Payable 12.02.2.b 220,894 1,643,620 220,894 1,643,620
Savings Bank Account 12.02.3.b 48,359,327 56,663,935 48,359,327 56,663,935
Fixed Deposit 12.02.4.b 391,511,064 367,456,932 391,511,064 367,456,932
Other Deposits 12.02.5.b 3,105,308 4,732,562 3,105,308 4,732,562
783,655,532 883,879,686 783,655,532 883,879,686

Al-Wadeeah Current Deposits 12.02.1.c 18,905,952 13,021,769 18,905,952 13,021,769
Mudarabah Savings Deposits 12.02.3.c 262,793,607 190,872,994 262,793,607 190,872,994
Mudarabah Fixed Deposit 12.02.4.c 3,875,641,112 4,093,021,451 3,875,641,112 4,093,021,451
Other Mudarabah Deposits 12.02.5.c 127,341,286 95,401,373 127,341,286 95,401,373
4,284,681,957 4,392,317,587 4,284,681,957 4,392,317,587
Total 1,506,063,356,169 1,420,215,115,296 1,506,183,931,731 1,420,362,931,248
12.02.1.a Current and Contingency (Domestic Branches)
Current Account (Credit Balance) 217,962,586,528 213,014,703,480 217,962,586,528 213,014,703,480
Hajj Deposits 1,436,858,252 207,034,393 1,436,858,252 207,034,393
Margin on Letter of Credit 5,433,789,454 7,544,693,900 5,433,789,454 7,544,693,900
Margin on Bank Guarantee 112,682,446 70,495,607 112,682,446 70,495,607
Foreign Currency Marginal Account 2,271,242 24,994 2,271,242 24,994
Foreign Bank's Deposit 537,123,630 620,800,040 537,123,630 620,800,040
Current Account Barter Credit Balance 12,522,355,389 9,274,630,248 12,522,355,389 9,274,630,248
Current Deposit Account for SAB 21,349,574 3,957,922 21,349,574 3,957,922
Branch Sundry Deposit A/C 2,666,008,520 2,385,929,588 2,666,008,520 2,385,929,588
Call Deposit 24,892,215 26,540,449 24,892,215 26,540,449
Exporters' Foreign Currency
292,885,488 621,409,222 292,885,488 621,409,222
Retention Quota
Foreign Currency Deposit 7,425,940,497 9,546,601,006 7,425,940,497 9,546,601,006
Non Resident F.C.D (NFCD) &
160,615,734 167,463,886 160,615,734 167,463,886
R.F.C.D Account
Sonali e-Wallet Account 328,955,837 42,298,134 328,955,837 42,298,134
Credit Balance of Loan & Advances 276,897,500 289,400,674 276,897,500 289,400,674
249,205,212,306 243,815,983,542 249,205,212,306 243,815,983,542
Total 249,084,636,744 243,668,167,590 249,205,212,306 243,815,983,542

Amount in Taka
2023 2022 2023 2022
12.02.1.b Current and Contingency (Overseas Branches) 340,458,938 453,382,637 340,458,938 453,382,637
12.02.1.c Current and Contingency (Islamic Banking Window) 18,905,952 13,021,769 18,905,952 13,021,769
Total 249,444,001,634 244,134,571,996 249,564,577,197 244,282,387,948
12.02.2.a Bills Payable (Domestic Branches)
Draft Payable 1,562,776,046 1,733,304,419 1,562,776,046 1,733,304,419
Govt. Draft Payable 22,294,865 32,697,034 22,294,865 32,697,034
Payment Order 11,882,562,959 12,972,002,444 11,882,562,959 12,972,002,444
Foreign Draft/Travelers Cheque Issued A/c. 303,688 303,688 303,688 303,688
Foreign Draft Payable A/c. 80,864,418 77,294,915 80,864,418 77,294,915
13,548,801,976 14,815,602,500 13,548,801,976 14,815,602,500
12.02.2.b Bills Payable (Overseas Branches) 220,894 1,643,620 220,894 1,643,620
Total 13,549,022,870 14,817,246,120 13,549,022,870 14,817,246,120
12.02.3.a Savings Bank Deposits (Domestic Branches)

Savings Bank Account 633,392,174,427 584,865,528,484 633,392,174,427 584,865,528,484
Daily Profit Scheme 1,479,874,433 1,210,590,070 1,479,874,433 1,210,590,070
Savings Bank Account for SAB 363,007,710 107,531,673 363,007,710 107,531,673
School Banking Scheme for SAB 830,371 830,371 -
School Banking Scheme 1,059,849,510 931,005,917 1,059,849,510 931,005,917
636,295,736,451 587,114,656,144 636,295,736,451 587,114,656,144
12.02.3.b Savings Bank Deposits (Overseas Branches) 48,359,327 56,663,935 48,359,327 56,663,935
12.02.3.c Savings Bank Deposits (Islamic Banking Window) 262,793,607 190,872,994 262,793,607 190,872,994
Total 636,606,889,386 587,362,193,073 636,606,889,386 587,362,193,073
12.02.4.a Fixed Deposit (Domestic Branches)
Fixed Deposits 298,598,036,492 294,475,163,801 298,598,036,492 294,475,163,801

Fixed Deposits for SAB 80,132,168 80,132,168 -
Special Notice deposits 198,389,005,595 167,071,219,151 198,389,005,595 167,071,219,151
Special Notice deposits for SAB 61,848 2,751 61,848 2,751
Deposit Pension Scheme 9,203,850 9,304,897 9,203,850 9,304,897
Special Deposit Pension Scheme 11,595,687 12,222,995 11,595,687 12,222,995
Sonali Deposit Scheme 25,781,761,608 17,852,384,267 25,781,761,608 17,852,384,267
Sonali Deposit Scheme for SAB 27,186,327 27,186,327 -
Education Deposit Scheme 2,440,157,770 2,490,634,513 2,440,157,770 2,490,634,513
Medicare Deposit Scheme 15,720,544,228 15,461,501,326 15,720,544,228 15,461,501,326
Rural Deposit Schemes 146,366,255 277,897,562 146,366,255 277,897,562
Monthly Earning Schemes 99,227,733 145,591,409 99,227,733 145,591,409
Marriage Savings Schemes 1,875,790,432 2,267,239,592 1,875,790,432 2,267,239,592
Double Benefit Scheme 1,906,225,416 5,907,950,450 1,906,225,416 5,907,950,450
Triple Benefit Scheme 577,655,983 2,123,021,536 577,655,983 2,123,021,536
Millionaire Deposit Scheme 49,914,460,550 42,975,551,541 49,914,460,550 42,975,551,541
Non Resident Deposit Scheme 33,307,940 20,484,551 33,307,940 20,484,551

SONALI BANK PLC
Amount in Taka
2023 2022 2023 2022
Retirement Savings Scheme 15,217,547 17,722,971 15,217,547 17,722,971

Sonali Bank Retirement Savings Scheme 901,615,497 1,066,333,473 901,615,497 1,066,333,473
Deposit Pension Payment Account 2,637,046 3,661,384 2,637,046 3,661,384
Shadheen Sanchay Scheme 708,985,443 590,579,787 708,985,443 590,579,787
Anannya Sonali Deposit Scheme 71,032,391 71,032,391 -
Sonali Lakhapoti Deposit Scheme 5,673,336 5,673,336 -
S.B Employees General Provident Fund 4,696,331,309 16,231,980,400 4,696,331,309 16,231,980,400
S.B. Employees Contributory Provident Fund 53,631,061 340,043,432 53,631,061 340,043,432
602,065,843,509 569,340,491,789 602,065,843,509 569,340,491,789

12.02.4.b Fixed Deposit (Overseas Branches) 391,511,064 367,456,932 391,511,064 367,456,932
12.02.4.c Fixed Deposit (Islamic Banking Window) 3,875,641,112 4,093,021,451 3,875,641,112 4,093,021,451
Total 606,332,995,685 573,800,970,173 606,332,995,685 573,800,970,173
12.02.5.a Other Deposits (Domestic Branches) - - - -
12.02.5.b Other Deposits (Overseas Branches) 3,105,308 4,732,562 3,105,308 4,732,562
12.02.5.c Other Deposits (Islamic Banking Window) 127,341,286 95,401,373 127,341,286 95,401,373
Total 130,446,594 100,133,935 130,446,594 100,133,935
No.of Amount in Taka

12.03 In Bangladesh (GM’s Office wise)
Branches 2023 2022
Dhaka Central 74 420,409,516,026 413,062,090,201
Dhaka North 71 137,690,037,749 140,084,726,965
Dhaka South 87 121,106,662,268 107,911,756,257
Barishal 78 52,539,133,010 48,969,505,147
Chattogram North 58 93,291,828,823 157,031,958,079
Chattogram South 52 84,173,332,744 -
Cumilla 82 84,587,070,283 77,000,748,082
Faridpur 86 68,862,810,243 75,648,958,875
Khulna 65 52,623,656,263 87,520,298,435
Jashore 78 53,921,891,435 -
Mymensingh 57 46,992,425,196 67,981,034,093
Jamalpur 44 26,951,489,319 -
Rajshahi 82 58,877,263,421 53,286,599,768
Rangpur 62 36,631,774,213 35,180,428,032
Sylhet 81 59,694,085,864 55,315,826,112
Bogura 61 35,712,756,447 33,182,543,682
Noakhali 57 42,071,338,425 39,260,839,933
Dinajpur 55 24,978,522,510 23,649,420,314
1230 1,501,115,594,238 1,415,086,733,975
Islamic Banking Window 4,284,681,957 4,392,317,587
Overseas Branches 2 783,655,532 883,879,686
Total 1232 1,506,183,931,727 1,420,362,931,248

Amount in Taka % of Total Deposit
2023 2022 2023 2022
12.03.01 Deposits and Other Accounts (Geographical Location-wise Deposits)
In Bangladesh No.of Branches
Urban 502 1,094,851,538,701 1,040,075,022,036 72.69 73.23
Rural 728 406,264,055,537 375,011,711,939 26.97 26.40
Sub Total 1230 1,501,115,594,238 1,415,086,733,975 99.66 99.63
Overseas Branches 2 783,655,532 883,879,686 0.05 0.06

Total 1232 1,506,183,931,727 1,420,362,931,248 100 100
Head office is included in Urban

12.03.1.a In Bangladesh (GM's Office and District wise)
Dhaka Central GM’s Office
Dhaka Central 0 - 180,820,209,879 - 12.73
Bangabondhu Dhaka Central 32 296,686,405,211 116,539,589,247 19.70 8.20
Dhaka East 19 37,909,220,987 41,314,369,350 2.52 2.91
Dhaka West 23 85,813,889,827 74,387,921,726 5.70 5.24
Sub Total 74 420,409,516,026 413,062,090,201 27.91 29.08
Dhaka North GM's Office

Gazipur 22 34,500,552,688 38,098,561,395 2.29 2.68
Mirpur 21 65,360,710,546 67,407,328,916 4.34 4.75
Tangail 17 22,972,174,772 21,113,427,169 1.53 1.49
Manikganj 11 14,856,599,743 13,465,409,485 0.99 0.95
Sub Total 71 137,690,037,749 140,084,726,965 9.14 9.86
Dhaka South GM's Office

Dhaka South 30 74,197,703,622 64,552,539,031 4.93 4.54
Narsingdi 21 18,522,877,289 17,012,217,477 1.23 1.20
Munshiganj 18 14,890,828,172 13,757,574,445 0.99 0.97
Narayanganj 18 13,495,253,185 12,589,425,304 0.90 0.89
Sub Total 87 121,106,662,268 107,911,756,258 8.04 7.60
Chattogram North GM's Office

Chattogram Central 17 58,470,075,411 - 3.88 -
Patiya 14 11,012,828,422 10,075,712,681 0.73 0.71
Bandarbon 7 2,947,219,592 2,604,692,611 0.20 0.18
Sub Total 58 93,291,828,823 42,496,599,069 6.19 2.99
Chattogram South GM's Office
Chattogram South 18 65,141,204,078 96,548,221,205 4.32 6.80
Cox's Bazar 10 8,145,166,830 7,502,171,052 0.54 0.53
Rangamati 24 10,886,961,836 10,484,966,754 0.72 0.74
Sub Total 52 84,173,332,744 114,535,359,010 5.59 8.06
Khulna GM's Office
Khulna 23 23,366,261,355 22,974,954,803 1.55 1.62
Satkhira 17 11,616,936,326 10,649,501,592 0.77 0.75
Bagerhat 14 10,915,831,596 9,615,019,985 0.72 0.68
Narail 11 6,724,626,986 6,229,955,215 0.45 0.44
Sub Total 65 52,623,656,263 49,469,431,595 3.49 3.48

SONALI BANK PLC

2023 2022 2023 2022
Jashore GM's Office
Jashore North 18 14,599,963,863 13,179,102,534 0.97 0.93
Jashore South 17 10,309,144,091 9,250,069,157 0.68 0.65
Chuadanga 20 12,174,641,276 11,290,772,819 0.81 0.79
Jhenaidah 23 16,838,142,205 15,621,695,149 1.12 1.10
Sub Total 78 53,921,891,435 49,341,639,659 3.58 3.47
Rangpur GM's Office
Rangpur 19 13,283,008,439 12,657,990,026 0.88 0.89
Kurigram 17 9,716,032,375 9,657,731,289 0.65 0.68
Gaibandha 16 7,967,473,351 7,586,655,088 0.53 0.53
Nilphamari 10 5,665,260,048 5,278,051,629 0.38 0.37
Sub Total 62 36,631,774,213 35,180,428,032 2.43 2.48
Faridpur GM's Office
Faridpur 23 20,478,522,033 19,837,980,057 1.36 1.40
Madaripur 17 16,675,814,731 14,627,717,398 1.11 1.03
Kushtia 22 13,252,344,140 12,636,104,772 0.88 0.89
Gopalgonj 12 9,945,930,892 9,458,125,460 0.66 0.67
Rajbari 12 8,510,198,447 7,798,258,369 0.57 0.55
Sub Total 86 68,862,810,243 64,358,186,056 4.57 4.53
Mymensingh GM's Office
Mymensingh 25 23,565,819,483 21,485,218,202 1.56 1.51
Kishoregonj 18 14,574,924,552 13,177,121,950 0.97 0.93
Netrokona 14 8,851,681,161 7,969,791,086 0.59 0.56
Sub Total 57 46,992,425,196 42,632,131,239 3.12 3.00
Jamalpur GM's Office
Ghatail-Tangail 15 10,526,624,006 9,527,271,373 0.70 0.67
Jamalpur 19 10,850,581,292 10,218,360,800 0.72 0.72
Sherpur 10 5,574,284,020 5,603,270,681 0.37 0.39
Sub Total 44 26,951,489,319 25,348,902,854 1.79 1.78
Sylhet GM's Office
Sylhet 33 29,754,723,337 27,778,703,220 1.98 1.96
Moulvibazar 22 12,826,553,341 11,604,144,061 0.85 0.82
Habiganj 13 8,662,577,071 8,028,691,070 0.58 0.57
Sunamganj 13 8,450,232,114 7,904,287,761 0.56 0.56
Sub Total 81 59,694,085,864 55,315,826,112 3.96 3.89
Barishal GM's Office
Barishal East 20 15,791,836,057 14,799,816,952 1.05 1.04
Barishal West 17 11,023,648,736 10,119,098,902 0.73 0.71
Patuakhali 21 11,775,720,110 11,204,101,732 0.78 0.79
Pirojpur 10 7,813,777,031 7,021,364,372 0.52 0.49
Bhola 10 6,134,151,076 5,825,123,189 0.41 0.41
Sub Total 78 52,539,133,010 48,969,505,147 3.49 3.45

2023 2022 2023 2022
Rajshahi GM’s Office
Rajshahi 24 20,792,991,736 18,123,105,750 1.38 1.28
Pabna 18 15,001,590,096 14,401,608,970 1.00 1.01
Naogaon 19 9,515,705,287 8,655,145,673 0.63 0.61
Natore 13 8,049,010,725 7,066,112,067 0.53 0.50
Chapai Nawabganj 8 5,517,965,578 5,040,627,308 0.37 0.35
Sub Total 82 58,877,263,421 53,286,599,768 3.91 3.75
Bogura GM's Office
Bogura North 15 9,559,152,040 8,511,872,905 0.63 0.60
Bogura South 17 8,820,090,940 8,076,741,608 0.59 0.57
Joypurhat 8 4,072,563,588 3,677,135,960 0.27 0.26
Sirajganj 21 13,260,949,879 12,916,793,209 0.88 0.91
Sub Total 61 35,712,756,447 33,182,543,682 2.37 2.34
Cumilla GM's Office
Cumilla North 22 32,850,526,781 45,967,678,617 2.18 3.24
Cumilla South 17 18,378,285,599 - 1.22 -
Brahmanbaria 23 17,989,084,923 16,922,304,538 1.19 1.19
Chadpur 20 15,369,172,979 14,110,764,927 1.02 0.99
Sub Total 82 84,587,070,283 77,000,748,082 5.62 5.42
Noakhali GM's Office
Noakhali 28 19,920,623,879 18,916,013,574 1.32 1.33
Feni 17 14,410,622,622 12,832,990,201 0.96 0.90
Laxmipur 12 7,740,091,924 7,511,836,159 0.51 0.53
Sub Total 57 42,071,338,425 39,260,839,933 2.79 2.76
Dinajpur GM's Office
Dinajpur North 18 9,938,833,199 8,942,948,359 0.66 0.63
Dinajpur South 15 6,348,870,523 6,304,303,545 0.42 0.44
Thakurgaon 22 8,690,818,789 8,402,168,409 0.58 0.59
Sub Total 55 24,978,522,510 23,649,420,314 1.66 1.67
Total 1230 1,501,115,594,238 1,415,086,733,975 100 100
Islamic Banking Window 4,284,681,957 4,392,317,587 0.30 0.33
12.03.2.b Outside Bangladesh
Overseas Branches 2 783,655,532 883,879,686 0.06 0.07
Total Deposits and Other Accounts 1232 1,506,183,931,727 1,420,362,931,248 100 100
Head office is included in Number of Branches and Deposits and Other Accounts
Amount in Taka
2023 2022
12.04 Sector Wise Deposit Including Bills Payable

Presidency, Prime Minister Office and Judiciary 104,916,071,232 116,059,311,279
Autonomous and Semi-autonomous bodies 150,045,534,400 139,732,550,030
Other Public Sector 195,003,620,273 195,100,898,311
Banking Sector 39,443,682,911 38,943,143,758
Private Sector 1,011,706,685,422 925,250,830,597
1,501,115,594,238 1,415,086,733,975
Overseas Branches 783,655,532 883,879,686
1,506,183,931,727 1,420,362,931,248

SONALI BANK PLC
Amount in Taka
2023 2022 2023 2022
12.05.a Maturity Grouping of deposits and other accounts (Including Bills Payable)
Repayable on Demand 788,738,773,418 530,339,160,951 788,738,773,418 699,260,466,717

Repayable within 1 Month 92,161,222,856 141,647,953,357 92,161,222,856 111,158,213,843
Over 1 month but within 6 Months 238,889,617,601 290,137,992,703 238,889,617,601 223,580,154,580
Over 6 months but within 1 year 170,071,418,554 206,410,701,746 170,071,418,554 170,536,277,193
Over 1 year but within 5 years 117,497,074,448 116,830,474,055 117,497,074,448 112,749,995,601
Over 5 years but within 10 years 81,944,662,124 102,873,386,447 81,944,662,124 89,901,335,897
Over 10 years 16,881,162,731 32,123,261,989 16,881,162,731 13,176,487,417
1,506,183,931,731 1,420,362,931,248 1,506,183,931,731 1,420,362,931,248
Total 1,506,069,166,381 1,420,215,115,296 1,506,183,931,731 1,420,362,931,248
12.05.b Maturity Grouping of Inter-Bank Deposits

Repayable within 1 Month 537,123,630 15,116,856,215 537,123,630 15,116,856,215
Over 6 months but within 1 year - 3,940,709,999 - 3,940,709,999
Over 1 year but within 5 years - 2,221,170,898 - 2,221,170,898
Over 5 years but within 10 years - - - -
Over 10 years - - - -
Sub Total 39,443,682,911 38,943,143,758 39,443,682,911 38,943,143,758
Other Deposits
Repayable within 1 Month 91,624,099,226 126,531,097,142 91,624,099,226 126,531,097,142
Over 6 months but within 1 year 170,071,418,554 202,469,991,747 170,071,418,554 202,469,991,747
Over 1 year but within 5 years 117,497,074,448 114,461,487,205 117,497,074,448 114,461,487,205
Over 5 years but within 10 years 81,944,662,124 103,021,202,399 81,944,662,124 103,021,202,399
Over 10 years 16,881,162,731 32,123,261,989 16,881,162,731 32,123,261,989
Sub Total 1,466,740,248,820 1,381,419,787,490 1,466,740,248,820 1,381,419,787,490
Total 1,506,069,166,381 1,420,215,115,296 1,506,183,931,731 1,420,362,931,248
12.05.c Maturity Grouping of Bills Payables

Repayable within 1 Month - - - -
Over 1 month but within 6 Months - - - -
Over 6 months but within 1 year - - - -
Over 1 year but within 5 years - - - -
Over 5 years but within 10 years - - - -
Over 10 years - - - -
13,549,022,870 14,817,246,120 13,549,022,870 14,817,246,120
Un-claimed deposits for 10 years or more
21,385,407 1,832,064 21,385,407 1,832,064
held by the bank as on 31 December 2023

Amount in Taka
2023 2022 2023 2022
13.00 Other liabilities
Domestic Branches
Provision for Classified loans
13.01.a 90,339,690,586 72,386,491,553 90,339,690,586 72,386,491,553
including writ
Provision for Un-Classified loans 13.01.b 13,204,314,032 11,991,611,023 13,204,314,032 11,991,611,023
Interest Suspense 13.02 62,846,602,231 56,419,837,261 62,481,629,810 56,055,096,003
Provision against diminishing
13.03 3,051,023,438 2,508,900,422 2,967,727,104 2,425,604,088
value of Investment in Share
Liability for employees benefit
13.04 101,020,891 427,893,627 101,020,892 427,893,627
( Pension fund)
13.05 3,028,095,856 3,214,308,986 3,028,095,856 3,214,308,986
( PDCRB fund)
32,048,923 161,631,680 32,048,923 161,631,680
(Benevolent Fund)
Provision for SBL Employees
159,525,776 - 159,525,776 -
Benevolent fund Investment
Provison for employee benefits 35,634 35,634 35,634 35,634
Provision for Income Tax 13.06 7,857,271,201 7,234,379,532 7,832,350,754 7,119,475,336
Provision for debenture (Public and Private) 5,843,900 5,944,125 5,843,900 5,944,125
Provision for Balance with Bangladesh Bank 717,600,000 468,800,000 717,600,000 468,800,000
BB Refinance Scheme for SME

79,139 79,139 79,139 79,139
(Ren. Energy/Solar Energy)
Employees Tax Deducted at
8,158,724 8,093,246 8,158,724 8,093,246
source from Salary
Interest Payable ( For Fixed Deposit) 5,070,371,266 5,248,373,133 5,070,371,266 5,248,373,133
Interest Payable (For other Deposit) 748,120,410 906,615,448 748,120,410 906,615,448
Income Received in advance 430,209 430,309 430,209 430,309
Expenses payable A/C 607,461,599 539,219,757 607,461,599 539,219,757
Provision for Off Balance Sheet Exposure 3,522,554,352 2,994,148,796 3,522,554,352 2,994,148,796
Provision for Bonus/Ex-gratia 13.07 3,138,645,391 2,707,626,391 3,133,016,245 2,700,962,086

Foreign Correspondent Charges 1,216,475 995,128 1,216,475 995,128
Adjusting Account Credit Balance 3,655,137 3,655,137 3,655,137 3,655,137
Provision for NOSTRO A/C 451,274 414,100 451,274 414,100
Interest Bearing FC (Bangladesh
48,892,122,211 52,871,643,616 48,892,122,211 52,871,643,616
Biman) Repayable to Bangladesh Bank
Vocational Women's Cr.
256,353 256,353 256,353 256,353
Scheme Guarantee Fund
Agricultural Guarantee Against
19,562,612 19,562,612 19,562,612 19,562,612
I.D.A. Credit -724 B.D.
Industrial Cr. Guarantee Claims received Fund 1,834,493 1,834,493 1,834,493 1,834,493
Bangladesh Bank Cr.Guarantee
178,997 178,997 178,997 178,997
Fee I.D.A Cr. - 825 B.D.
BSCIC Service Charges I.D.A Credit -825 B.D. 4,881,123 4,881,123 4,881,123 4,881,123
Revolving fund against I.D.A. Credit -725 B.D. 37,240,733 37,240,733 37,240,733 37,240,733
Sundry Deposits (H.O) 7,426,330,521 7,556,958,628 7,426,330,521 7,556,958,628
Interest Subsidy Account 3,585,618 3,585,618 3,585,618 3,585,618

SONALI BANK PLC
Amount in Taka
2023 2022 2023 2022
SPL A/C's Proceeds of Import
787,657 787,657 787,657 787,657
Documents Dr. of F.C ( NBP)
Special accounts surplus
8,479 8,479 8,479 8,479
Proceeds of Import Goods
Unclaimed Dividend (NBP) 149,578 149,578 149,578 149,578
AST-CIDA Guarantee Fund for MCDSF. 45,312 45,312 45,312 45,312
Mother Club Women's Cr. Guarantee Fund 2,554,409 2,554,409 2,554,409 2,554,409
Repayable to B.B against
184,629,000 - 184,629,000 -
Refinance Scheme of Ghore Fera
Repayable to B.B against Refinance
114,878,800 - 114,878,800 -
Scheme under Agri Loan for wheat & Maize
Repayable to B.B against Fund
569,474,353 - 569,474,353 -
Received under Agri Loan for Food
Balance Held with Foreign
13.09 7,855,460,992 - 7,855,460,992 -
Bank abroad (Cr. Balance)
Coupon interest income account 1,061,064 - 1,061,064 -
Repayable to B.B against Fund Received
1,200,000,000 - 1,200,000,000 -
under Pre-Finance Scheme for CMSME
Asian Clearing Union (NOSTRO) - - -
Loan from IDA Credit No. 765 BD. 56,824,870 56,824,870 56,824,870 56,824,870
Sirajganj Integrated Rural
42,336,703 41,720,580 42,336,703 41,720,580
Development Fund
Provision for Other Bank's and
1,671,204,057 1,671,204,057 1,671,204,057 1,671,204,057
Financial Institutions
I.D.A. Credit -3917 B.D 45,267,572 224,119,541 45,267,572 224,119,541
Asian Clearing Union (VOSTRO) 13.08 149,903,598 95,549,091 149,903,598 95,549,091
E-Challan statement account
13,216,791 4,817,217 13,216,791 4,817,217
credit balance
Settlement account credit balance 31,227,218 - 31,227,218 -
ATM settlement account credit balance 10,833,927 12,106,319 10,833,927 12,106,319
Clearing settlement account credit balance 34,860,820 28,191,046 34,860,820 28,191,046
Govt. Transaction settlement
20,445,785,169 22,542,513,904 20,445,785,169 22,542,513,904
account credit Balance
MCD Loan settlement account credit Balance 21,928 12,062 21,928 12,062
Sanchaypatra sales account credit Balance 3,041,922,711 3,655,113,539 3,041,922,711 3,655,113,539
Lease Liability against IFRS-16 864,284,700 412,958,097 864,284,700 412,958,097
Travel Tax Online Transaction (LO) Account 40,925,250 20,932,000 40,925,250 20,932,000
Travel Tax Central Recovery Account 8,068,500 4,257,500 8,068,500 4,257,500
25,730,614 8,879,080 25,730,614 8,879,080
Settlement A/C Credit Balance
Repayable to B.B against Stimulus Fund Received for
- 31,082,281 - 31,082,281
Worker's Salary of Export Oriented Ind. Under COVID-19
Interest Suspense Account for COVID-19 164,933 173,046 164,933 173,046
Repayable to B.B for Fund Received Under Agri. Loan against
1,170,012,300 2,472,850,900 1,170,012,300 2,472,850,900
Special Stimulus Refinance Scheme (RCD) for COVID-19
Provision for Other assets 5,524,200,000 3,467,738,550 5,524,200,000 3,467,738,550
Provision for Branch Adjustment
4,477,300,000 5,233,100,000 4,477,300,000 5,233,100,000
of Unreconciled Entries

Amount in Taka
2023 2022 2023 2022
Provision for Jute Sector Reform Project 3,000,000,000 2,700,000,000 3,000,000,000 2,700,000,000
Provision for Army Pension Bills (Old & New) 5,589,500,000 1,000,000,000 5,589,500,000 1,000,000,000
Provision for Preliminary
10,800,000 9,500,000 10,800,000 9,500,000
Expenses HR Recruitment
Provision for NRT Account Debit Balance - - - -
Allowance for Bank's Incentives
636 - 636 -
to Wage Earners Remitters
FET settlement account credit Balance 7,609,130,445 - 7,609,130,445 -
Interoperable Digital Transaction
140,983 - 140,983 -
Platform (IDTP) for credit Balance
Imprest A/C-Received from
153,350,927 - 153,350,927 -
B.B against W.E.R Account
Provision for Salary - - - -
Provision for Orion Infrastructure
- 1,061,700,000 - 1,061,700,000
Ltd. (Bridge Finance)
Provision for Sanchaypatra
1,608,600,000 2,561,420,000 1,608,600,000 2,561,420,000
Encashment Account
Provision for Others - 7,021,691 - 7,021,691
Start-Up Fund 13.10 - 104,370,924 - 104,370,924
Commission payable Account for SAB 2,313,667 889,931 2,313,667 889,931
Provision against Non-Banking Assets (NBA) 4,421,974 4,421,974 4,421,974 4,421,974

BB Refinance Scheme for
- 18,987,000 - 18,987,000
S.M.L of Tk.10 A/C Holders
Repayable to B.B against Refinance Scheme
286,696,683 44,139,000 286,696,683 44,139,000
under MCD Loan of Tk. 10/50/100 A/C
Repayable to B.B for Fund Received Under
273,000,000 568,333,335 273,000,000 568,333,335
Revolving Refinance Scheme for COVID-19
Repayable to Borrower the Interest Subsidy
31,426,446 31,499,550 31,426,446 31,499,550
Fund Received from BB againstCOVID-19
Interest Bearing F.C (Payra Port
49,996,198,891 8,457,390,224 49,996,198,891 8,457,390,224
Authority) Repayable to B.B
BB Refinance Scheme (200 Crore) for
30,000,000 29,930,000 30,000,000 29,930,000
Jute Sector
Provision for Staff Loan Exemption A/C 30,353,055 58,089 30,353,055 58,089
Bank POS settlement account credit Balance - 23 - 23
SPG Settlement Account Credit Balance 52,264,760 663,802,137 52,264,760 663,802,137
Tap Link Settlement Account Credit Balance 181,250 114,922 181,250 114,922
Provision against Portfolio Loan for SIL 389,011,538 389,011,537 - -
Expenses Payable for SIL Client Sale & Others 58,831,025 33,592,403 - -
Other liabilities of subsidiary Company SIL 40,894,111 15,184,545 - -
Other liabilities of subsidiary Company SECI 288,515,613 160,339,224 - -
Other liabilities of subsidiary Company SB (UK) Ltd. 184,973,983 37,536,549 - -

SONALI BANK PLC
Amount in Taka
2023 2022 2023 2022
Others liabilities of Sonali Pay (UK) Ltd. 81,604,509 - - -
Portfolio Margin Deposit Control for SIL 32,768,483 31,434,307 - -
Remittance Payable to Beneficiary of SECI - 88,038,464 - -
Cover Funds of SECI - 49,795,497 - -
Security Deposit of SIL - 229,814 - -
Security Deposit of SECI - 136,318 - -
368,168,329,388 285,782,193,175 366,612,911,779 284,407,288,422
Overseas Branches
Other Liabilities 1,436,984,485 1,734,709,293 1,436,984,485 1,734,709,293
Reserve Fund 1,963,438,353 784,996,553 1,963,438,353 784,996,553
3,400,422,838 2,519,705,846 3,400,422,838 2,519,705,846
Other Liabilities 1,363,884,851 851,701,559 1,363,884,851 851,701,559
Total 372,932,637,077 289,153,600,579 371,377,219,468 287,778,695,826
13.01 a) Provision for Classified loans Including writ
Balance at the beginning of the year 72,390,418,757 63,532,318,601 72,386,491,553 63,528,391,397
Less: Provision debited against interest waiver 458,187,422 545,090,988 458,187,422 545,090,988
71,932,231,335 62,987,227,613 71,928,304,131 62,983,300,409
Add: Provision credited against
236,675 257,831 236,675 257,831
Debit TRA from Branches
71,932,468,010 62,987,485,444 71,928,540,806 62,983,558,240
Add: Specific Provision (including
18,408,781,730 9,391,598,530 18,408,781,730 9,391,598,530
Islami Win.) made during the year
Add: Overseas Branches 2,368,051 11,334,783 2,368,051 11,334,783
Closing Balance at the end of the year 90,339,690,586 72,390,418,757 90,339,690,586 72,386,491,553
b) Provision for Un-Classified loans
Less: Loans written off which fully Provided for - - - -
11,991,611,023 12,149,311,901 11,991,611,023 12,149,311,901
Add: Recovery from the Previous
- - - -
Written Off Loans
11,991,611,023 12,149,311,901 11,991,611,023 12,149,311,901
Add: Provision made during the year 2,126,710,418 (157,430,534) 2,126,710,418 (157,430,534)
14,118,321,441 11,991,881,367 14,118,321,441 11,991,881,367
Less: Provision which no more required - - - -
14,118,321,441 11,991,881,367 14,118,321,441 11,991,881,367
Add: Special General Provision against COVID-19 (1,978,167,258) - (1,978,167,258) -

Add: Provision for Orion
1,061,573,940 - 1,061,573,940 -
Infrastructure Ltd. (Bridge Finance)
Add: Overseas Branches 2,585,909 (270,344) 2,585,909 (270,344)
Special General Provision maintained as per Bangladesh Bank, BRPD circular letter no.56 dated 10 December 2020
and BRPD circular letter no.53 dated 14 December 2021 and BRPD circular letter no.53 dated 28 December 2022.
This amount is included with the total Provision on Un-classified loans and advances under note-13.01(b).

Amount in Taka
2023 2022 2023 2022
13.02 Interest Suspense
Balance at the beginning of the year
Interest Suspense 56,384,477,768 51,672,812,497 56,019,736,510 51,316,614,108
Interest Suspense against NBA 33,916,939 - 33,916,939 -
Interest Suspense Penal Interest 1,442,554 1,427,693 1,442,554 1,427,693
56,419,837,261 51,674,240,190 56,055,096,003 51,318,041,801
Add: Amount transferred to "Interest Suspense" Account during the year
Interest Suspense against NBA 872,659 33,916,939 872,659 33,916,939
Interest Suspense Penal Interest 46,721 14,861 46,721 14,861
11,073,990,626 8,316,877,390 11,050,517,406 8,097,784,443
Less: Amount Recovered in "Interest Suspense" account during the year
Interest Suspense against NBA - - - -
Interest Suspense Penal Interest 6,200 - 6,200 -
4,647,225,656 3,571,280,319 4,623,983,599 3,360,730,241
Less: Amount written off during the year
Interest Suspense - - - -
Interest Suspense against NBA - - - -
Interest Suspense Penal Interest - - - -
- - - -
Closing Balance at the end of the year
Interest Suspense against NBA 34,789,598 33,916,939 34,789,598 33,916,939
Interest Suspense Penal Interest 1,483,075 1,442,554 1,483,075 1,442,554
Total 62,846,602,231 56,419,837,261 62,481,629,810 56,055,096,003
13.03 Provision against diminishing value of Investment in Share
Add: Additional during the year 542,123,016 1,275,456,080 542,123,016 1,275,456,080
Add: Additional during the year for SIL - 83,296,334 - -
13.04 Liability for Employees Pension fund
Balance at the beginning of the year 427,893,627 534,283,470 427,893,627 534,283,470
Less: Payment made during the year 65,348,790 132,811,113 65,348,790 132,811,113
Less: Investment during the Year 275,470,779 - 275,470,779 -
Add: Addition during the year 13,946,834 26,421,270 13,946,834 26,421,270
Closing Balance at the end of the year 101,020,891 427,893,627 101,020,892 427,893,627
Provision Required 101,020,892 427,893,627 101,020,892 427,893,627
Provision Maintained 101,020,892 427,893,627 101,020,892 427,893,627
Provision Surplus/(Deficit) - - - -
13.05 Liability for Employees PDCR Benefit fund
Less: Payment made during the year 6,670,690,666 6,867,784,387 6,670,690,666 6,867,784,387
Less: Investment during the Year 3,258,367,229 - 3,258,367,229 -
Add: Addition during the year 9,742,844,765 7,509,265,146 9,742,844,765 7,509,265,146
Provision Required 3,028,095,856 3,214,308,986 3,028,095,856 3,214,308,986
Provision Maintained 3,028,095,856 3,214,308,986 3,028,095,856 3,214,308,986
Provision Surplus/(Deficit) - - - -

SONALI BANK PLC
Amount in Taka
2023 2022 2023 2022
13.06 Provision for Income Tax
Less: Adjustment for excess provision 41,568,267 - - -
Less: Payment during the year for SIL 70,452,716 68,239,024 - -
Add : Amount transferred for SIL 25,208,595 33,397,533 - -
Add : Amount transferred for SB-UK Ltd. - 40,768,800 - -
Add : Amount transferred for SP-UK Ltd. - - - -
Add : Amount transferred for SECI 824,890 266,905 - -
Add : Amount transferred for SBPLC 712,875,418 566,066,371 712,875,418 566,066,371
13.07 Provision for Bonus/Ex-gratia
Less: Payment during the year 2,567,945,841 2,442,821,502 2,567,945,841 2,442,821,502
Less: Payment during the year for SIL 4,035,160 8,691,786 - -
Less: Return from Bonus during the year - 80,000,000 - 80,000,000
Add: Adjustment during the year - 3,409,858 - 3,409,858
Add: Provision Made during the year for SIL 3,000,000 1,000,000 - -
Add: Provision Made during the year 3,000,000,000 2,680,000,000 3,000,000,000 2,680,000,000
13.08 Asian Clearing Union (VOSTRO)

SL.
No. FC amount
Currency rate Taka
1 Myanmar Foreign Trade Bank, Myanmar EURO 116,456.37 122.155 14,225,728
2 Office Account EURO 10,782.00 122.155 1,317,075
3 Sonali Bank PLC Kolkata USD 28,793.63 110.000 3,167,299.30
4 Myanmar Investment & Com. Bank USD 1,051,155.01 110.000 115,627,051
5 Office Account USD 137,019.87 110.000 15,072,186
6 Export Development Bank Ltd. USD 115.85 110.000 12,744
7 Bank of Ceylon, Srilanka USD 3,557.49 110.000 391,324
8 Sonali Bangladesh (UK) Ltd. USD 500.00 110.000 55,000
9 Sonali Bangladesh (UK) Ltd. GBP 250.00 140.767 35,192
Total 1,348,630.22 149,903,598
13.09 Balance held with Foreign Bank Credit Balance
SL.
No. FC amount
Currency rate Taka
1 Doha Bank, Qatar USD 3,231.00 110.000 355,410
2 Citi Bank NY USD 43,263,737.67 110.000 4,759,011,144
3 Deutsche Bank Trust Co. NY USD 165,502.97 110.000 18,205,327
4 Mashreq Bank New York USD 889,455.36 110.000 97,840,090
5 Union Bank Of Switzerland CHF 13,740,153.65 130.440 1,792,264,268
7 Standard Chartered Bank, London GBP 452,033.76 140.767 63,631,436
8 Commerz Bank Frankfurt, Germany EURO 5,134,283.72 122.155 627,178,428
9 Bank of Chaina Limited RMB 19,742,560.32 15.404 304,114,399
10 Net West Plc, London GBP 19,300.00 140.767 2,716,803
Total Credit Balance (B) 85,138,837.43 7,855,460,992

Amount in Taka
2023 2022 2023 2022
13.10 Start-Up Fund
Balance at the beginning of the year - 118,091,339 - 67,266,681

Addition during the year - 68,151,677 - 37,104,243
Balance at the end of the year - 186,243,016 - 104,370,924
Start-up Fund has been maintained as per Bangladesh Bank SMESPD circular no. 04 and 05 dated 29 March 2021
and 26 April 2021 respectively. In prior year the fund was created based on operating profit but as per latest
circular, base for the fund was changed to net profit. Bank has created the fund accordingly.
14.00 Share Capital 45,300,000,000 45,300,000,000 45,300,000,000 45,300,000,000
14.01 Authorized Capital

600,000,000 ordinary shares of Taka 100 each 60,000,000,000 60,000,000,000 60,000,000,000 60,000,000,000
14.02 Issued, subscribed and fully paid up Capital
453,000,000 ordinary shares of Taka 100 each 45,300,000,000 45,300,000,000 45,300,000,000 45,300,000,000
The entire amount of the paid up capital has been subscribed by the Government of the People's Republic
of Bangladesh but each Director of the Bank is the holder of one symbolic Share of taka one hundred.
14.03 Capital To Risk Weighted Assets Ratios (CRAR)

In terms of section 13(2) of Bank Company Act, 1991 and Bangladesh Bank BRPD circular no. 09,
dated 31 December 2008 and BRPD circular no. 18 dated 21 December 2014, required capital of the
Bank at the close of business on 31 December 2023 was Taka 78,156,500,000.00 as against core capital
of Taka 62,010,400,357.03 and supplementary capital of Taka 16,726,868,383.30 i.e. a total capital of Taka
78,737,268,740.33 has been maintained, thereby showing a surplus of capital/equity of Taka 580,768,740.33
at the year end:"
Total risk weighted assets
780,904,300,000 698,517,400,000 781,565,000,000 701,286,800,000
including off-balance sheet items
Required capital @ 10% of risk
78,090,430,000 69,851,740,000 78,156,500,000 70,128,680,000
weighted assets
Capital held:
Tire 1 Capital 14.03.02 68,393,541,062 60,700,695,625 62,010,400,357 55,524,354,905
Tier 2 Capital 14.03.03 16,726,868,383 14,985,759,819 16,726,868,383 14,985,759,819
Total Eligible Regulatory
85,120,409,446 75,686,455,444 78,737,268,740 70,510,114,724
Capital (Tier 1 and 2)
Total capital surplus 7,029,979,446 5,834,715,444 580,768,740 381,434,724

CRAR/ CAR Based on Basel-
10.90% 10.84% 10.07% 10.05%
III/ (II) Framework
14.03.01 Capital requirement Required Held Held Held Held

Tier - I (Minimum CET-1 @ 4.5%) 5.5% 8.76% 8.69% 7.93% 7.92%
Tier - II ( Maximum up to 4% of
the total RWA or 88.89% of CET-
4.5% 2.14% 2.15% 2.14% 2.14%
1 whichever is higher applicable
from 01 January 2015)
Total 10.0% 10.90% 10.84% 10.07% 10.05%

SONALI BANK PLC
Amount in Taka
2023 2022 2023 2022
14.03.02 Tier 1 Capital

Common Equity Tier 1 (CET1) Capital
A.
(Going-Concern Capital)
Paid up capital 45,300,000,000 45,300,000,000 45,300,000,000 45,300,000,000
Statutory reserve 15.00 18,093,248,941 16,022,482,465 18,093,248,941 16,022,482,465
General reserve 1,054,964,212 250,132,274 437,403,009 179,384,978
Retained earnings (168,724,906) (4,264,333,102) (968,003,580) (5,205,634,456)
Non-Controlling Interest 5,002,856,856 4,178,283,068 - -
Sub-total 69,282,345,103 61,486,564,705 62,862,648,370 56,296,232,988

Less : Intangible Assets (Software) 888,804,041 785,869,081 852,248,013 771,878,082
Total 68,393,541,062 60,700,695,624 62,010,400,357 55,524,354,905
B. Additional Tier-1 Capital

Non-cumulative irredeemable
- - - -
preference shares
Instruments issued by the
banks that meet the qualifying - - - -
criteria for AT1
Others (if any item approved
- - - -
by Bangladesh Bank)
- - - -
Less: Regulatory Adjustments
- - - -
from AT-1 Capital
(Shortfall Provision against NPLs) - - - -
Total Tier 1 Capital (A+B) 68,393,541,062 60,700,695,625 62,010,400,357 55,524,354,905
14.03.03 Tier 2 Capital

Tier 2 Capital (Gone-concern Capital)
General provision maintained
against unclassified loans and 16,726,868,383 14,985,759,819 16,726,868,383 14,985,759,819
off-balance sheet exposures
Assets revaluation reserve - - - -
General provision for off
balance sheet exposures
Revaluation Reserve for HTM securities - - - -
Revaluation Reserve for Equity - - - -

16,726,868,383 14,985,759,819 16,726,868,383 14,985,759,819
Less: 100% Revaluation Reserves
- - - -
for Fixed Assets, Securities
Total Tier 2 Capital 16,726,868,383 14,985,759,819 16,726,868,383 14,985,759,819
As per Bank request dated 29 April 2024, Bangladesh Bank approve deferral through vide no-DOS(CAMS
)1157/41(Dividend)/2024-1840 dated 30 April 2024 not to deducted deferred tax assets against Common
Equity Tier-1 (CET-1) Capital amounting taka 1,987.83 crore regarding total provision and maintained CRAR
10.07%<10.10% as on 31 December 2023. Bank has complied that instruction accordingly.

Amount in Crore
2023 2022 2023 2022
14.04 Risk Weighted Assets (RWA)
Credit Risk
i) On-Balance Sheet Exposure 60,770.42 52,927.88 61,065.34 53,342.68
ii) Off Balance Sheet Exposure 2,111.48 2,033.60 2,111.48 2,033.60
Market Risk 6,176.17 7,142.80 6,176.17 7,142.80
Operational Risk 9,032.37 7,747.46 8,803.52 7,609.60
Total Risk Weighted Assets (A+B+C) 78,090.44 69,851.74 78,156.51 70,128.68
Amount in Taka
2023 2022 2023 2022
14.05 Minimum Capital Requirement Under Basel III
A. Eligible Capital :
1. Common Equity Tier 1 (CET1)
68,393,541,062 60,700,695,625 62,010,400,357 55,524,354,905
Capital (Going-concern capital )
2. Tier 2 Capital (Gone concern Capital) 16,726,868,383 14,985,759,819 16,726,868,383 14,985,759,819
3. Tier-3 (eligible for market risk only) - - - -

4. Total Eligible Capital (1+2+3) : 85,120,409,446 75,686,455,444 78,737,268,740 70,510,114,724
B. Total Risk Weighted Assets (RWA): 780,904,300,000 698,517,400,000 781,565,000,000 701,286,800,000
C. Capital Adequacy Ratio (CAR) (A4 / B)*100 10.90% 10.84% 10.07% 10.05%
D. Core Capital to RWA (A1 / B)*100 8.76% 8.69% 7.93% 7.92%
E. Supplementary Capital to RWA (A2 / B)*100 2.14% 2.15% 2.14% 2.14%
F. Minimum Capital Requirement (MCR) 78,090,430,000 69,851,740,000 78,156,500,000 70,128,680,000
14.06 Ratio (As per Basel III requirement)

Capital Related Ratio
CRAR 10.90% 10.84% 10.07% 10.05%
Leverage Ratio 3.31% 3.20% 3.02% 2.94%
Liquidity Related Ratio:

Liquidity Coverage Ratio 331.90% 400.72%
Net Stable Funding Ratio 101.27% 102.49%

SONALI BANK PLC
14.06.1 Details about Ratio

a) Capital to Risk-weighted Asset Ratio
Total Eligible Capital
CRAR (Bank) =
Credit RWA+Market RWA+Operational RWA
78,737,268,740
= 781,565,000,000
= 10.07%
CRAR (Consolidated) = 85,120,409,446

780,904,300,000
= 10.90%
b) Leverage Ratio
Tier 1 Capital (after relate deductions)
LR =
Total Exposure (after relate deductions)
LR (Bank) = 62,010,400,357
2,056,277,000,000
= 3.02%
LR (Consolidated) = 68,393,541,062
2,066,578,400,000
= 3.31%
c) Liquidity Coverage Ratio

Stock of quality liquid assets
LCR =
Total net cash outflows over the next 30 calendar days
651,862,713,000
=
196,401,820,873
= 331.90%
d) Net Stable Funding Ratio
Available amount of stable funding (ASF)
NSFR =
Required amount of stable funding (RSF)
1,379,641,724,000
=
= 1,362,356,271,000
101.27%
14.07 Details about Shareholding as at 31 December 2023
Name of Shareholders As at 31 Dec. 2023 Amount in Taka
Government of the People's Republic of
Bangladesh represented by Finance Secretary, 452,999,992 45,299,999,200
Ministry of Finance
Mr. Ziaul Hasan Siddiqui 1 100
Mr. A. B. M Ruhul Azad 1 100
Mrs. Dr. Doulatunnaher Khanam 1 100
Mr. Molla Abdul Wadud 1 100
Prof. Dr. Mohammad Kyakobad 1 100
Mr. Dr. Md. Matiur Rahman 1 100
Mr. Dr. Abul Kalam Azad 1 100
Mr. Gopal Chandra Ghosh FCA, FCMA, CPA 1 100
Total 453,000,000 45,300,000,000
14.08 Name of Directors and their Shareholding
Name of the directors Status Amount in Taka
Mr. Ziaul Hasan Siddiqui Chairman & Director 100
Mr. A. B. M Ruhul Azad Director 100
Mrs. Dr. Doulatunnaher Khanam Director 100
Mr. Molla Abdul Wadud Director 100
Prof. Dr. Mohammad Kyakobad Director 100
Mr. Dr. Md. Matiur Rahman Director 100
Mr. Dr. Abul Kalam Azad Director 100
Mr. Gopal Chandra Ghosh FCA, FCMA, CPA Director 100
Total 800

Amount in Taka
2023 2022 2023 2022
15.00 Statutory Reserve
Opening Balance 16,022,482,465 14,547,096,640 16,022,482,465 14,547,096,640
Add: Transferred during the
2,070,766,476 1,475,385,825 2,070,766,476 1,475,385,825
year (20% of pre-tax profit )
Total 18,093,248,941 16,022,482,465 18,093,248,941 16,022,482,465
16.00 General/Others Reserves

Reserve for Unforeseen Loss 16.01 47,000,000 47,000,000 47,000,000 47,000,000
Reserve for CSR 16.02 205,884,131 117,384,978 205,884,131 117,384,978
Start-Up Fund 16.03 169,518,878 - 169,518,878 -
Reserve of SB (UK) Ltd. 297,494,103 70,747,296 - -
Reserve of SECI 22,000,000 - - -
Reserve of SP (UK) Ltd. 9,067,100 - - -
Reserve of SIL 289,000,000 - - -
Reserve for Unwanted Risk
15,000,000 15,000,000 15,000,000 15,000,000
arising from Vault
Total 1,054,964,212 250,132,274 437,403,009 179,384,978
16.01 Reserve for Unforeseen Loss
Transfer to Reserve for
- - - -
Unforeseen losses
47,000,000 47,000,000 47,000,000 47,000,000
16.02 Reserve for CSR
Distribution during the year (61,500,847) (37,377,712) (61,500,847) (37,377,712)
Reserve for CSR during the Year 150,000,000 50,000,000 150,000,000 50,000,000
205,884,131 177,384,978 205,884,131 117,384,978
16.03 Start-Up Fund
Balance at the beginning of the year 104,370,925 - 104,370,925 -
Addition during the year 65,147,953 - 65,147,953 -
Balance at the end of the year 169,518,878 - 169,518,878 -
Start-up Fund has been maintained as per Bangladesh Bank SMESPD circular no. 04 and 05 dated 29 March
2021 and 26 April 2021 respectively. In prior year the fund was created based on operating profit but as per
latest circular, base for the fund was changed to net profit. Bank has created the fund accordingly.
17.00 Revaluation Reserve
Revaluation of Investment 17.01 2,200,453,686 3,399,093,958 2,200,453,686 3,399,093,958
Assets Revaluation Reserve 17.02 21,495,933,277 21,495,933,277 21,495,933,277 21,495,933,277
Total 23,696,386,963 24,895,027,235 23,696,386,963 24,895,027,235
17.01 Revaluation of investment
Revaluation Reserve for Held
17.01.01 1,583,390,074 363,050,164 1,583,390,074 363,050,164
to Maturity (HTM)
Revaluation Reserve for Held
17.01.02 617,063,612 2,539,724,446 617,063,612 2,539,724,446
for Trading (HFT)
Revaluation Reserve for
17.01.03 - 496,319,348 - 496,319,348
Remeasured Securities (RMS)
Balance at the end of the year 2,200,453,686 3,399,093,958 2,200,453,686 3,399,093,958

SONALI BANK PLC
Amount in Taka
2023 2022 2023 2022
17.01.01 Revaluation Reserve for Held to Maturity (HTM)
Add : Gain on Revaluation of HTM 1,220,339,910 177,742,448 1,220,339,910 177,742,448
Balance at the end of the year 1,583,390,074 363,050,164 1,583,390,074 363,050,164
17.01.02 Revaluation Reserve for Held for Trading (HFT)
Add : Gain on Revaluation of HFT (1,922,660,834) 460,660,592 (1,922,660,834) 460,660,592
Balance at the end of the year 617,063,612 2,539,724,446 617,063,612 2,539,724,446
17.01.03 Revaluation Reserve for Remeasured Securities (RMS)
Balance at the beginning of the year - 322,299,454 - 322,299,454
Add : Gain on Revaluation of HFT - 174,019,894 - 174,019,894
Balance at the end of the year - 496,319,348 - 496,319,348
17.02 Assets Revaluation Reserve
Addition during the year - - - -
Balance at the end of the year 21,495,933,277 21,495,933,277 21,495,933,277 21,495,933,277
18.00 Surplus in Profit and Loss Account/Retained Earnings
Balance at the beginning of the year (4,264,333,102) (6,876,652,225) (5,205,634,456) (7,353,568,706)
Reversal of Specific Provision
8,750,000 8,750,000 -
of Non-Banking Assets
Net Profit After Tax 7,474,505,680 4,081,782,360 6,514,795,305 3,710,424,318
Transfer to Statutory Reserve (2,070,766,476) (1,475,385,825) (2,070,766,476) (1,475,385,825)
Transfer to Reserve for CSR (150,000,000) (50,000,000) (150,000,000) (50,000,000)
Transfer to Start-Up Fund (65,147,953) (37,104,243) (65,147,953) (37,104,243)
Prior Period Adjustment of SECI 3,495,030 - - -
Transfer to Reserve of SBUK (191,270,741) - - -
Non-Controlling Interest of SB
(413,494,405) 88,640,022 - -
(UK) Ltd. during the year
4,587,321,135 2,607,932,314 4,228,880,876 2,147,934,250
Total Retained Surplus 331,738,033 (4,268,719,911) (968,003,580) (5,205,634,456)
Inter Company Balance
(130,800,000) 20,000,000 - -
Eliminated for Cash Dividend (SIL)
Inter Company Balance Eliminated
- 1,912,727 - -
for Cash Dividend (SECI)
Currency Conversion Differences (369,662,939) (17,525,918) - -
Balance at the end of the year (168,724,906) (4,264,333,102) (968,003,580) (5,205,634,456)
18.(a) Non-Controlling Interest
Paid-up Capital of SBUK 4,412,385,709 - - -
Other Reserve of SBUK 164,907,566 - - -
Surplus in Profit and Loss Account/
425,563,581 - - -
Retained Earnings of SBUK
5,002,856,856 - - -
19.00 Contingent Liabilities & Commitments
Acceptances and Endorsements:
Letters of guarantee 19.01 4,323,834,120 5,510,476,047 4,323,834,120 5,510,476,047
Irrevocable Letters of Credit 19.02 745,583,558,204 752,557,172,062 745,583,558,204 752,557,172,062
Bills for collection 19.03 5,271,249,377 8,810,721,770 5,271,249,377 8,810,721,770
Other Contingent Liabilities 1,718,250,378 - 1,718,250,378 -
756,896,892,079 766,878,369,879 756,896,892,079 766,878,369,879

Amount in Taka
2023 2022 2023 2022
Significant amount of irrevocable L/C has been incurred in 2017 because of opening a special L/C amounting
to Tk. 96.246 crores in favor of Ministry of Power, Energy and Mineral Resources, Government of the
Republic of Bangladesh for Ruppur Nuclear power plant.
19.01 Letters of Guarantee
Claims lodged with the bank company, which is not recognized as loan;
Money for which the bank is contingently liable in respect of guarantee issued favoring:
Directors or officers - - - -
Government 2,617,814,680 3,665,517,776 2,617,814,680 3,665,517,776
Banks and other financial institutions 13,525,830 8,696,534 13,525,830 8,696,534
Others:
Domestic 1,692,493,610 1,829,018,144 1,692,493,610 1,829,018,144
Overseas - 7,243,593 - 7,243,593
4,323,834,120 5,510,476,047 4,323,834,120 5,510,476,047
19.02 Irrevocable Letters of Credit
(i) Government
Domestic 714,950,593,958 713,212,115,784 714,950,593,958 713,212,115,784
Overseas - - - -
714,950,593,958 713,212,115,784 714,950,593,958 713,212,115,784
Less: Margin - - - -
Sub Total 714,950,593,958 713,212,115,784 714,950,593,958 713,212,115,784
Bank and Other Financial
(ii)
Institutions
Domestic - - - -
Overseas - - - -
- - - -
Sub-total - - - -
(iii) Others
Domestic 30,632,964,246 39,344,422,983 30,632,964,246 39,344,422,983
Overseas - 633,295 - 633,295
30,632,964,246 39,345,056,278 30,632,964,246 39,345,056,278
Sub Total 30,632,964,246 39,345,056,278 30,632,964,246 39,345,056,278
Total of (i+ii+iii) 745,583,558,204 752,557,172,062 745,583,558,204 752,557,172,062

19.03 Bills
Payable in Bangladesh (Inland Bills) 19.03.01 2,685,117,169 2,648,145,857 2,685,117,169 2,648,145,857
Payable Outside Bangladesh
19.03.02 4,304,382,586 6,162,575,913 4,304,382,586 6,162,575,913
(Foreign Billes)
6,989,499,755 8,810,721,770 6,989,499,755 8,810,721,770
Bills for collection 5,271,249,377 - 5,271,249,377 -

Other Contingent Liabilities 1,718,250,378 - 1,718,250,378 -
6,989,499,755 - 6,989,499,755 -
19.03.01 Payable of Inland Bills (Divisional office-wise)
Dhaka Central 1,983,790,792 1,812,624,271 1,983,790,792 1,812,624,271
Dhaka North - - - -
Dhaka South 616,243,750 734,849,482 616,243,750 734,849,482
Barishal - - - -

SONALI BANK PLC
Amount in Taka
2023 2022 2023 2022
Chattogram North 59,217,618 75,310,036 59,217,618 75,310,036
Chattogram South - - -
Cumilla - - - -
Faridpur - - - -
Khulna 20,542,503 21,384,346 20,542,503 21,384,346
Jashore 1,344,785 1,344,785 -
Mymensingh - - - -
Rajshahi 3,977,721 3,977,721 3,977,721 3,977,721
Rangpur - - - -
Sylhet - - - -
Bogura - - - -
Noakhali - - - -
Dinajpur - - - -
2,685,117,169 2,648,145,857 2,685,117,169 2,648,145,857
Payable of Foreign Bills
19.03.02
(Divisional office-wise)
Dhaka Central 2,315,666,709 1,954,437,388 2,315,666,709 1,954,437,388
Dhaka North - - - -
Dhaka South - 448,805,804 - 448,805,804
Barishal - - - -
Chattogram North 16,324,270 3,323,856,489 16,324,270 3,323,856,489
Chattogram South
Cumilla - - - -
Faridpur - - - -
Khulna 1,451,007,211 12,092,009 1,451,007,211 12,092,009
Mymensingh - - - -
Rajshahi - - - -
Rangpur - - - -
Sylhet - - - -
Bogura - - - -
Noakhali - - - -
Dinajpur - - - -
4,304,382,586 6,162,575,913 4,304,382,586 6,162,575,913

Amount in Taka
2023 2022 2023 2022
20.00 Income Statement Income
Interest, discount and similar income 20.01 104,723,827,474 75,609,109,084 102,636,797,124 74,559,630,410
Commission, exchange and
20.02 17,098,665,595 16,739,723,648 16,782,868,632 16,480,486,814
brokerage
Other operating income 25.00 356,916,177 288,708,596 301,883,682 261,611,535
122,179,409,247 92,637,541,328 119,721,549,438 91,301,728,760
Expenses
Interest, fee and commission 52,764,542,441 41,097,510,586 52,083,249,260 40,831,453,313
Administrative expenses 20.03 24,497,532,406 21,995,432,997 23,640,178,952 21,423,137,902
Other operating expenses 4,775,091,795 4,351,863,105 4,523,209,408 4,153,408,427
Depreciation on banking assets 1,033,779,349 1,082,948,619 1,013,032,502 1,070,663,517
83,070,945,991 68,527,755,307 81,259,670,122 67,478,663,159
20.01 Interest and similar income
Interest income 58,735,535,906 43,750,245,779 56,841,916,662 42,920,887,860
Interest income on treasury
45,988,291,568 31,858,863,305 45,794,880,461 31,638,742,551
bills, reverse repo, bonds
104,723,827,474 75,609,109,084 102,636,797,124 74,559,630,411
20.02 Commission, Exchange and brokerage
Exchange 4,867,269,471 5,871,846,036 4,568,821,274 5,871,846,036
Commission 12,231,396,124 10,867,877,613 12,214,047,358 10,608,640,779
Brokerage - - - -
17,098,665,595 16,739,723,648 16,782,868,632 16,480,486,814
20.03 Administrative Expenses
Salaries and allowances 22,247,412,008 20,139,674,077 21,841,957,038 19,793,374,678
Rent, Taxes, Insurance, Electricity etc. 1,781,118,799 1,420,064,702 1,449,140,696 1,342,489,865
Legal expenses 84,377,116 88,804,100 56,249,528 24,440,907
Postage, Stamps,
57,169,243 53,399,578 46,549,853 45,419,973
Telecommunication etc.
Stationery, Printing, Advertisement etc. 244,793,575 204,729,342 226,726,896 196,487,371
Managing Directors' salary and fees 24,740,155 20,931,298 9,181,346 9,869,232
Directors' fees 20,641,680 21,085,609 4,879,600 4,950,090
Auditors' fees 37,279,831 46,744,291 5,493,994 6,105,786
24,497,532,406 21,995,432,997 23,640,178,952 21,423,137,902
21.00 Interest Income
On Loan and Advances 21.01 50,176,646,332 37,222,992,935 50,057,287,719 37,123,690,903
On Balance with other banks
21.02 1,283,272,261 1,492,482,958 1,281,188,829 1,489,236,391
and financial institutions
On Interest received from
21.03 131,632,821 64,469,266 131,632,821 64,469,266
foreign banks
On Others Interest income 21.04 5,007,494,940 4,858,533,563 5,006,544,172 4,857,951,339
On Islamic Banking Window 327,360,475 241,637,251 327,360,475 241,637,251
On Overseas Branches 37,902,646 39,214,464 37,902,646 39,214,464
On Sonali Bangladesh (UK) Ltd. 1,874,271,036 726,227,096 - -
58,838,580,511 44,645,557,533 56,841,916,662 43,816,199,614
Less: Interest Income From SIL 103,044,605 - - -
Less: Interest Income transferred to
- 895,311,754 - 895,311,754
Interest Suspense A/C
Total 58,735,535,906 43,750,245,779 56,841,916,662 42,920,887,860

SONALI BANK PLC
Amount in Taka
2023 2022 2023 2022
21.01 Loan and Advances:
Loans
On Demand 3,227 507 3,227 507
On Small Loan 1,286,577 929,285 1,286,577 929,285
On House Building Loan (General) 682,507,738 616,163,708 682,507,738 616,163,708
On House Building Loan (Staff) 2,133,694,949 1,909,482,234 2,133,694,949 1,909,482,234
On Other Staff Loan 85,720,564 87,218,311 85,720,564 87,218,311
On Loan Under SB Industrial
1,214,168,369 1,030,194,364 1,214,168,369 1,030,194,364
Credit Scheme
On Loan Under SB Agro based
64,372,322 268,617,112 64,372,322 268,617,112
Ind. Credit Scheme
On House Building Loan (Govt. Employees) 306,734,004 204,338,335 306,734,004 204,338,335
On House Building Loan
47,813,361 17,219,818 47,813,361 17,219,818
(Public University & UGC) A/C
On Agricultural Loan 900,978,238 1,677,518,192 900,978,238 1,677,518,192
On Micro Credit 674,488,627 456,745,773 674,488,627 456,745,773
On Loan against Imported Merchandise (LIM) 11,760,047 18,111,495 11,760,047 18,111,495
On Loan Against Trust Receipts (LTR) 13,279,745,682 8,539,609,527 13,279,745,682 8,539,609,527
On Force Loan against Back to Back L/C 182,438,189 279,028,160 182,438,189 279,028,160
On Small Business Loan Scheme 60,635,586 86,031,076 60,635,586 86,031,076
On Special Small Loan Program 140,421 316,028 140,421 316,028
On Sonali Credit 65,785,365 58,180,181 65,785,365 58,180,181
On SME Finance (WC to Ind.Serv.Trad.) 1,960,770,193 1,526,896,587 1,960,770,193 1,526,896,587
On SME Finance 175,529,914 190,125,487 175,529,914 190,125,487
On Term Loan to Freedom Fighter 4,332,079,734 2,835,930,596 4,332,079,734 2,835,930,596
On Foreign Currency Placement Account 7,908,984 17,451,807 7,908,984 17,451,807
On Personal loan 14,612,466,822 11,269,440,860 14,612,466,822 11,269,440,860

On Special F.C Term Loan to
3,263,536,728 1,540,572,853 3,263,536,728 1,540,572,853
Bangladesh Biman
On Special F.C Term Loan to
250,547,079 56,897,978 250,547,079 56,897,978
Sonali Bank (UK) Ltd.
On Special Loan - Interest
9,079,906 8,897,911 9,079,906 8,897,911
Bearing Advance Rent
On Rural Housing Finance - Sonali
13,679,516 12,207,441 13,679,516 12,207,441
Neer A/C
On EDF Loan Account 136,553,941 106,399,626 136,553,941 106,399,626
On Loan against Bank
2,409 10,000 2,409 10,000
Guarantee A/C
On TOD against Cash Incentive 1,963,167 1,369,419 1,963,167 1,369,419
On W.C under Stimulus Package for
301,573,004 400,646,790 301,573,004 400,646,790
Industries & Services against COVID-19
On Agricultural Loan against Concessional
38,753,113 109,156,467 38,753,113 109,156,467
Interest Rate against COVID-19
On Agricultural Loan against Special
27,609,660 65,188,207 27,609,660 65,188,207
Stimulus Refinance Scheme for COVID-19
On MCD Loan Under B.B Revolving
13,526,571 6,849,244 13,526,571 6,849,244
Refinance Scheme for COVID-19
On SME Loan Under B.B Revolving Re-
721,141,398 487,121,092 721,141,398 487,121,092
Finance Scheme for COVID-19

Amount in Taka
2023 2022 2023 2022
On Special Term Loan against Worker's
37,543 1,991,667 37,543 1,991,667
Salary of EOI for COVID-19
On MCD Loans against Re-Finance
17,252,948 2,743,173 17,252,948 2,743,173
Scheme of Tk.10/ 50/ 100 A/C Holder
On NGO & MFI Linkage Revolving Loan 534,184 200,564 534,184 200,564
On Loan for Floriculture 421,271 40,594 421,271 40,594
On B.B Re-Finance Scheme of Ghore Fera 10,406,032 2,583,988 10,406,032 2,583,988
On CMSME Term Loan against
7,182,971 10,348 7,182,971 10,348
BB Re-Finance Scheme
On CMSME Finance against Start-up Fund 169,128 2,348 169,128 2,348
On Agri. Loan for Wheat & Maize disbursed
5,621,005 165,908 5,621,005 165,908
against BB On Refinance Scheme (RCD)
On House Building Loan (Chief Justice
8,719,180 2,633,433 8,719,180 2,633,433
and Justice of Supreme Court)
On Special F.C Term Loan to (Payra Port Authority) 633,673,609 87,107,959 633,673,609 87,107,959
On Portfolio loan to Investors 119,358,613 99,302,032 - -
On Agro Loan for Food
14,945,096 - 14,945,096 -
Security Against BB Re-Finance
On Agro Base Working Capital Stimulus Package 2,547,329 2,547,329 -
On House Building Loan General (Flat Remodeling) 25,577 25,577 -
On CMSME Continuous Loan
4,444,236 4,444,236 -
under BB Pre-Finance Scheme
On Small Enterprise Loan for Women
25,549 25,549 -
Entrepreneur Under BB Re-Finance (Term Loan)
On Small Enterprise Loan for Women Entrepreneur
35,604 35,604 -
Under BB Re-Finance (Continuous Loan)
On House Building Loan (Power
901,689 - 901,689 -
Development Board)
On Probashi Karmo Sangsthan prokulpo 8,909 - 8,909 -
On Long term loan at prevailing rate of
1,078,896 - 1,078,896 -
Interest (SECI)
Sub-total 46,406,384,773 34,081,648,484 46,287,026,160 33,982,346,452
Cash Credit
On Cash Credit General-Hypo 241,015,757 274,776,290 241,015,757 274,776,290
On Cash Credit General-Pledge 22,645,500 20,398,800 22,645,500 20,398,800
On Working Capital to Industries -Hypo 1,220,346,722 1,017,270,367 1,220,346,722 1,017,270,367
On Working Capital to Industries -Pledge 46,591,029 58,418,541 46,591,029 58,418,541
On Working Capital to Agro based Ind. -Hypo 421,959,250 464,863,871 421,959,250 464,863,871
On Working Capital to Agro based Ind. -Pledge 13,011,500 51,063,990 13,011,500 51,063,990
On Packing Cash Credit 21,580,668 29,949,679 21,580,668 29,949,679
Sub-total 1,987,150,427 1,916,741,539 1,987,150,427 1,916,741,539
Overdraft
On Overdraft Loan 1,646,738,767 1,099,069,904 1,646,738,767 1,099,069,904
Sub-total 1,646,738,767 1,099,069,904 1,646,738,767 1,099,069,904
Bills Discounted & Purchased
On Payment against Document (PAD) 102,137,540 78,486,333 102,137,540 78,486,333
On Loan against Inland Bills 26,263,256 33,207,994 26,263,256 33,207,994
On Foreign Bills Purchased/
7,971,569 13,838,682 7,971,569 13,838,682
Documentary-Documentary
Sub-total 136,372,365 125,533,009 136,372,365 125,533,009
Total 50,176,646,332 37,222,992,935 50,057,287,719 37,123,690,903

SONALI BANK PLC
Amount in Taka
2023 2022 2023 2022
Sub-total 93,549,830 69,732,307 93,549,830 69,732,307
21.02 Interest on balance held with other banks and financial institutions
Interest on fund placement/
1,281,188,829 1,489,236,391 1,281,188,829 1,489,236,391
FDR with Other Bank
Interest on STD with Other
2,083,432 3,246,567 - -
Bank of SIL
Sub-total 1,283,272,261 1,492,482,958 1,281,188,829 1,489,236,391
Sub-total 271,713,291 210,930,967 271,713,291 210,930,967
21.03 Interest received from foreign banks
On Balance Held with Foreign
- - - -
Bank Abroad
On Foreign Currency Account 131,632,821 64,469,266 131,632,821 64,469,266
Sub-total 131,632,821 64,469,266 131,632,821 64,469,266
21.04 Others Interest income
On Interest Recovered from
3,728,671,844 3,360,730,241 3,728,671,844 3,360,730,241
Interest Suspense A/c
On Recoveries from Written Off Loans 608,011,676 1,060,202,557 608,011,676 1,060,202,557
On Interest Income from SECI 950,768 582,224 - -
On Money at Call and Short Notice 669,860,652 437,018,541 669,860,652 437,018,541
Sub-total 5,007,494,940 4,858,533,563 5,006,544,172 4,857,951,339
On Islamic Banking Window - 175,097 - 175,097
On Overseas Branches - 13,344 - 13,344
Sub-total - 188,441 - 188,441
Total 56,964,309,475 43,919,330,437 56,841,916,662 43,816,199,614
22.00 Interest paid on deposits and borrowings etc.
Interest on Deposits 22.01 45,215,695,926 39,111,878,808 45,215,695,926 39,111,878,808
Interest on Borrowings 22.02 6,479,225,513 1,496,406,998 6,479,225,513 1,426,750,139
Interest on Foreign Banks Account 22.03 - - - -
Interest on others 22.04 158,734,784 118,590,630 157,588,223 117,660,146
Interest On SECI 543,102 485,588 - -
Interest On Sonali Bangladesh (UK) Ltd. 679,603,518 194,984,342 - -
Interest on Deposit and borrowings of
195,357,647 148,231,836 195,357,647 148,231,836
Interest on Deposit and
35,381,950 26,932,383 35,381,950 26,932,383
borrowings of Overseas Branches
52,764,542,441 41,097,510,586 52,083,249,260 40,831,453,313
22.01 Interest paid on Deposits
Fixed deposits 17,850,811,228 15,459,153,925 17,850,811,228 15,459,153,925
Fixed deposits for SAB 2,188,602 2,188,602
Savings deposits 12,128,115,826 10,551,591,296 12,128,115,826 10,551,591,296
Savings Deposit through SAB 3,434,086 358,041 3,434,086 358,041
Special Notice Deposits 5,970,386,961 4,487,445,279 5,970,386,961 4,487,445,279
Special Notice Deposit through SAB 707 206 707 206
Deposit pension scheme 831,488 739,304 831,488 739,304
Special deposit & pension scheme 11,870 122,166 11,870 122,166

Amount in Taka
2023 2022 2023 2022
S.B Employees Provident fund 1,800,630,793 1,759,908,735 1,800,630,793 1,759,908,735
Sonali Deposit Scheme 1,524,932,405 991,278,734 1,524,932,405 991,278,734
Sonali Deposit Scheme for SAB 646,127 646,127 -
Education Deposit scheme 168,889,953 175,851,729 168,889,953 175,851,729
Medicare Deposit Scheme 1,062,283,932 1,079,778,873 1,062,283,932 1,079,778,873
Rural Deposit Scheme 10,418,090 23,893,490 10,418,090 23,893,490
Monthly Earning Scheme 2,313,842 597,118 2,313,842 597,118
School Banking Scheme 38,256,129 49,718,817 38,256,129 49,718,817
School Banking Scheme for SAB 34,256 34,256 -
Ananya Sonali Deposit Scheme 675,936 675,936 -
Sonali Lakhopoti Deposit Scheme 82,111 82,111 -
Double Benefit Scheme 58,083,670 373,178,138 58,083,670 373,178,138
Daily Profit Scheme 69,590,260 51,268,072 69,590,260 51,268,072
Triple Benefit Scheme 107,639,301 310,173,262 107,639,301 310,173,262
Shadheen Sanchay Scheme 38,095,160 30,056,186 38,095,160 30,056,186
Millionaire Deposit Scheme 4,121,858,069 3,453,316,915 4,121,858,069 3,453,316,915
Retirement Saving Scheme 1,438,701 1,843,875 1,438,701 1,843,875
SB Retirement Saving Scheme 103,556,702 126,043,597 103,556,702 126,043,597
Non Resident Deposit Scheme 2,122,385 1,132,964 2,122,385 1,132,964
Marriage Saving Scheme 148,367,336 184,428,086 148,367,336 184,428,086
45,215,695,926 39,111,878,808 45,215,695,926 39,111,878,808
22.02 Interest paid on Borrowings
On Bangladesh Bank Demand Loan 17,206,782 19,437,347 17,206,782 19,437,347
On Special F.C Repayable to
3,105,987,702 1,259,922,967 3,105,987,702 1,259,922,967
Bangladesh Bank
On MCD Loans against B.B of
693,140 693,140 -
Tk.10/ 50/ 100 A/C Holder
On B.B. against Fund Received
Under Agri. Loan for Wheat & 214,732 214,732 -
Maize Disbursed
On Special F.C (Payra Port
316,816,526 43,553,979 316,816,526 43,553,979
Authority) Repayable to B.B
On Long Term & Short Term
- 69,656,859 - -
Loan of SIL
On Repo 3,038,306,630 103,835,846 3,038,306,630 103,835,846
6,479,225,513 1,496,406,998 6,479,225,513 1,426,750,139
22.03 Interest paid on Foreign Banks Account
Foreign Banks Account - - - -
- - - -
22.04 Interest paid on others
On Money at Call and Short Notice 4,241,597 21,407,431 4,241,597 21,407,431
On Subsidiary Company
1,146,561 930,484 - -
Provident Fund
Interest Expenses on Lease
56,493,712 42,798,436 56,493,712 42,798,436
Liability against IFRS-16
Other Interest 96,852,914 53,454,280 96,852,914 53,454,280
158,734,784 118,590,630 157,588,223 117,660,146

SONALI BANK PLC
Amount in Taka
2023 2022 2023 2022
23.00 Investments Income
On Treasury Bill 8,551,929,007 2,588,123,144 8,551,929,007 2,588,123,144
On Bangladesh Bank Bills - - - -
On Special Treasury Bond 29,825,090,871 21,659,241,867 29,825,090,871 21,659,241,867
On Reverse Repo 454,177,432 483,388,183 454,177,432 483,388,183
On Gain/(Loss) of disposal of securities 6,426,349,551 6,106,877,426 6,426,349,551 6,106,877,426
On Dividend & Others 469,131,764 676,875,309 420,413,486 645,242,538
On Bangladesh Government
20,473,515 19,752,822 20,473,515 19,752,822
On Debenture (Private) - - - -
On Gain on Trading of Share/Stock 10,328,868 109,226,579 10,328,868 109,226,579
On Gain on Trading of Share for SIL 144,692,829 188,487,983 - -
45,988,291,568 31,858,863,305 45,794,880,461 31,638,742,551
24.00 Commission, Exchange and Brokerage

Commission 24.01 12,045,070,512 10,711,738,083 12,027,721,747 10,452,501,249
Exchange 24.02 4,867,269,471 5,871,846,036 4,568,821,274 5,871,846,036
Commission & Exchange from
317,819 125 317,819 125
186,007,793 156,139,404 186,007,793 156,139,404
Overseas Branches
359,158,875 157,659,299 - -
Sonali Bank (UK) Ltd.
17,457,824,470 16,897,382,947 16,782,868,632 16,480,486,814
24.01 Commission
Commission A/C Cr. Balance
On Foreign Bills Purchased/Negotiated 24,392,905 21,935,035 24,392,905 21,935,035
On Inland DD, MT,TT Issued/Cancelled 13,954,810 19,008,335 13,954,810 19,008,335
On Inland DD Purchased 90,825 255,574 90,825 255,574
On Govt. Receives & Disbursement 4,832,302,892 5,537,759,963 4,832,302,892 5,537,759,963
On Inland L/C Opened 72,612,383 63,417,356 72,612,383 63,417,356
On Purchased & Sale of Shares/Securities 45,016 104,622 45,016 104,622
On Inland Bills & Cheque Collection 7,714,467 14,429,674 7,714,467 14,429,674
On Inland Bank Guarantee Issued 12,068,397 11,292,117 12,068,397 11,292,117
On Payment Order 417,188,880 421,792,560 417,188,880 421,792,560
On Sanchaypatra Sales 168,224,480 130,688,644 168,224,480 130,688,644
On Lockers Fees, Profitable
28,889,102 24,587,350 28,889,102 24,587,350
Management fees & Other fees
On Payment of Food Procurement Bills 325,526,525 297,224,442 325,526,525 297,224,442
On Army Pension 49,577,698 15,280,218 49,577,698 15,280,218
On Civil Pension 354,584 381,213 354,584 381,213
On Foreign DD, MT, TT Issued Cancelled 184,227,344 1,339,906 184,227,344 1,339,906
On Foreign DD, MT, TT Purchased/TT
1,550 256 1,550 256
Collection
On Foreign L/C Opened 1,710,462,367 1,003,419,527 1,710,462,367 1,003,419,527
On Foreign Bills and Cheques Collection 3,232,189 15,076,239 3,232,189 15,076,239
On Foreign Bank Guarantee Issued 27,610,555 28,861,775 27,610,555 28,861,775

Amount in Taka
2023 2022 2023 2022
On Wage Earners Development Bond 16,772,153 11,437,853 16,772,153 11,437,853
On NID Verification Fees 5,656,576 4,192,770 5,656,576 4,192,770
On Cards 301,867,689 223,748,450 301,867,689 223,748,450
On E-Commerce Account 54,921,211 39,523,869 54,921,211 39,523,869
On Maintenance fees for Different Deposit 1,212,214,706 1,055,224,713 1,212,214,706 1,055,224,713
On Travel Tax 1,437 11,340 1,437 11,340
On Online Transactions 373,753,367 359,162,745 373,753,367 359,162,745
On SMS Service 834,823,790 557,118,046 834,823,790 557,118,046
On e-Wallet Account 2,796,305 734,124 2,796,305 734,124
On Mobile Financial Services Link Account 11,012,732 6,107,827 11,012,732 6,107,827
On Commission on SAB A/C 1,071,455 114,506 1,071,455 114,506
On Commission on Export
10,390,698 8,751,121 10,390,698 8,751,121
Oriented VAT Exempted
Income from Supervision of CMSME,
770,059,030 770,059,030 -
Personal and CAR Loan
On Commission on CIB Inquiry 72,803,500 69,156,263 72,803,500 69,156,263
On Subsidiary Company SIL 17,182,885 29,842,747 - -
On Subsidiary Company SECI 2,168 229,394,087 - -
On Sonali Pay (UK) Ltd. 163,713 - - -
On Others 481,100,130 510,362,817 481,100,130 510,362,817
Sub-total 12,045,070,512 10,711,738,083 12,027,721,747 10,452,501,249
Less: Commission A/C Dr. Balance
On Debt Recovery Agent - - - -
Sub-total - - - -
12,045,070,512 10,711,738,083 12,027,721,747 10,452,501,249
24.02 Exchange
Exchange gain
Gain on F. Currency Transaction 210,190,056 195,762,033 210,190,056 195,762,033
Gain on F. Currency Revaluation 21,397,407,663 25,071,576,466 21,397,407,663 25,071,576,466

Gain on Foreign Bill Purchase/Negotiated 16,924,493 31,579,982 16,924,493 31,579,982
Gain on others 226,623,734 370,635,549 226,623,734 370,635,549
Gain on Sonali Pay (UK) Ltd. 515,347 - - -
Gain on SECI 297,932,850 - - -
Sub-total 22,149,594,143 25,669,554,031 21,851,145,946 25,669,554,031
Less: Exchange Loss
Foreign Currency Transaction 59,132,525 24,942,162 59,132,525 24,942,162
Foreign Currency Revaluation 17,223,192,148 19,600,466,560 17,223,192,148 19,600,466,560
Loss on Others - 172,299,273 - 172,299,273
Sub-total 17,282,324,672 19,797,707,995 17,282,324,672 19,797,707,995
4,867,269,471 5,871,846,036 4,568,821,274 5,871,846,036
24.02.01 Effects of exchange rate changes on cash & cash equivalent has been calculated in 2023
= Tk.4568821274+136006-405268392 (Exchange income+Exchange Receivable previous year-Exchange
Receivable current year)

SONALI BANK PLC
Amount in Taka
2023 2022 2023 2022
25.00 Other Operating Income
On Rent Received 19,283,106 19,702,932 19,283,106 19,702,932
On Gain on Disposal of Fixed Assets 2,608,348 7,653,984 2,608,348 7,653,984
On Profit of Sonali Intelect Ltd. 14,780,182 10,162,926 14,780,182 10,162,926
On Islamic windows 108,586 255,358 108,586 255,358
On Sonali Investment Limited 115,812 120,647 - -
On Sonali Exchange Co., Inc. 2,026,846 682,614 - -
On Sonali Bangladesh (UK) Ltd. 52,820,084 26,293,799 - -
On Sonali Pay (UK) Ltd. 69,752 - - -
On Return from Provision for Bonus - 80,000,000 - 80,000,000
On Sundries 265,103,460 143,836,335 265,103,460 143,836,335
356,916,177 288,708,596 301,883,682 261,611,535
26.00 Salary & Allowances
Salaries (Basic Pay, House Rent
10,166,218,689 10,124,463,774 10,166,218,689 10,124,463,774
& Other Allowance)
Contribution to Pension & Gratuity Fund 9,255,698,766 7,444,716,892 9,255,698,766 7,444,716,892
Bank's contribution to provident fund 2,766,138 6,160,800 2,766,138 6,160,800
Medical Allowance 808,101,685 817,478,523 808,101,685 817,478,523
Festival Bonus 1,116,759,994 1,094,928,095 1,116,759,994 1,094,928,095
Recreation Expense 167,268,744 155,200,729 167,268,744 155,200,729
Bangla Nabobarsho Allowance 110,681,176 109,104,882 110,681,176 109,104,882
Special Benefit on Basic Pay 169,750,946 169,750,946
Sonali Investment Limited 28,887,312 28,899,348 - -
Sonali Pay (UK) Ltd. 20,087,328 - - -
22,247,412,008 20,139,674,077 21,841,957,038 19,793,374,678
27.00 Rent, Tax, Insurance, Electricity, etc.
Rent 565,084,658 565,187,716 565,084,658 565,187,716
Taxes 33,078,682 34,409,632 33,078,682 34,409,632
Insurance 622,733,085 565,356,091 622,733,085 565,356,091
Power and Electricity 191,900,016 164,388,582 191,900,016 164,388,582
Sonali Investment Limited 10,148,738 9,978,693 - -
Sonali Pay (UK) Ltd. 2,751,254 - - -
1,781,118,799 1,420,064,702 1,449,140,696 1,342,489,865
28.00 Legal expenses
Law Charges 52,067,820 23,255,659 52,067,820 23,255,659
Other Legal Expenses 3,703,884 747,618 3,703,884 747,618
Sonali Investment Limited 79,850 85,000 - -
Sonali Exchange Co. Inc 675,796 6,142,854 - -
Overseas Branches 477,823 437,630 477,823 437,630
84,377,116 88,804,100 56,249,528 24,440,907

Amount in Taka
2023 2022 2023 2022
29.00 Postage, Stamps, Telecommunication
Postage 7,871,067 7,688,790 7,871,067 7,688,790
Court Fees and Stamps 3,133,310 3,218,474 3,133,310 3,218,474
Telephone 26,669,707 28,014,947 26,669,707 28,014,947
57,169,243 53,399,578 46,549,853 45,419,973
30.00 Printing, Stationery, Advertisement, etc.
Stationery 154,543,499 129,155,865 154,543,499 129,155,865
Printing 36,873,362 21,560,785 36,873,362 21,560,785
Advertisement 34,042,930 44,862,088 34,042,930 44,862,088
Sonali Bangladesh (UK) Ltd. 6,944,332 714,376 - -
Sonali Pay (UK) Ltd. 1,429,788 - - -
Overseas Branches 1,267,106 908,634 1,267,106 908,634
244,793,575 204,729,342 226,726,896 196,487,371
31.00 Chief executive's salary and fees
Chief executive's salary and fees 4,800,000 4,800,000 4,800,000 4,800,000
Chief executive's salary and fees of SECI 15,558,809 11,062,066 - -

Chief executive's salary and
4,381,346 5,069,232 4,381,346 5,069,232
fees of Overseas Branches
24,740,155 20,931,298 9,181,346 9,869,232
*Basic Salary of Sonali Bank CEO is Tk. 3,25,000 and Allowance is Tk. 75,000 per month.
32.00 Directors' Fees & Honorium*
Directors' fees & Honorarium 4,879,600 4,950,090 4,879,600 4,950,090
Sonali Exchange Co. Inc 1,219,359 649,696 - -
20,641,680 21,085,609 4,879,600 4,950,090

*Each Director is paid Tk. 8,000 per meeting per attendance as per Bangladesh Bank's BRPD Circular no.11
dated 04 October 2015.
33.00 Auditors' fees
Statutory Audit fee 3,501,750 4,902,250 3,501,750 4,902,250

37,279,831 46,744,291 5,493,994 6,105,786

SONALI BANK PLC
Amount in Taka
2023 2022 2023 2022
34.00 Depreciation and Repairs at Bank's Assets
Depreciation:
A) Premises (Including Land & Building)
Premises 67,266,944 63,470,716 57,335,091 58,852,362
Building Construction - - - -
Sub-total 67,266,944 63,470,716 57,335,091 58,852,362
B) Dead stock `
Furniture 124,352,035 137,001,002 119,990,463 136,597,228
Electric Installation 140,789,898 167,819,565 140,453,443 165,270,432
Computer Hardware 270,620,212 294,991,601 266,154,559 294,331,005
Type Writer Machine 13,774 34,865 13,774 34,865
Library 1,385,423 1,395,811 1,385,423 1,395,811
Sub-total 582,592,675 663,437,601 572,979,581 659,304,438
C) Overseas Branches
India Operation 2,373,046 1,400,218 2,373,046 1,400,218
Sub-total 2,373,046 1,400,218 2,373,046 1,400,218
D) Amortization of Intangible Assets
Preliminary Expenses 15,643,565 17,941,057 15,643,565 17,941,057
Sub-total 181,897,494 170,697,305 179,799,587 167,570,313
E) Depreciation on Right of Use
Depreciation on Right of Use against IFRS-16 171,041,445 132,880,862 132,037,953 132,880,862
Sub-total 171,041,445 132,880,862 132,037,953 132,880,862
Less: Depreciation Adjustment
46,790,045 4,343,549 6,890,547 4,343,549
of IFRS-16
Total (A+B+C+D+E) 958,381,559 1,027,543,153 937,634,711 1,015,664,644
Repairs:
Repairs to Bank's Assets 75,140,617 54,771,863 75,140,617 54,771,863
Sonali Investment Limited - 406,592 - -
Sonali Exchange Co. Inc - - - -
Overseas Branches 257,173 227,010 257,173 227,010
Sub-total 75,397,790 55,405,466 75,397,790 54,998,874
Grand Total 1,033,779,349 1,082,948,619 1,013,032,502 1,070,663,517
34A.00 Depreciation and Repairs at Bank's Assets
Depreciation:
Premises 67,266,944 63,470,716 57,335,091 58,852,362
Building Construction - - - -
Sub-total 67,266,944 63,470,716 57,335,091 58,852,362
B) Dead stock
Furniture 124,352,035 137,001,002 119,990,463 136,597,228
Electric Installation 140,789,898 167,819,565 140,453,443 165,270,432
Computer Hardware 270,620,212 294,991,601 266,154,559 294,331,005
Type Writer Machine 13,774 34,865 13,774 34,865
Library 1,385,423 1,395,811 1,385,423 1,395,811
Sub-total 582,592,675 663,437,601 572,979,581 659,304,438

Amount in Taka
2023 2022 2023 2022
C) Overseas Branches
India Operation 2,373,046 1,400,218 2,373,046 1,400,218
Sub-total 2,373,046 1,400,218 2,373,046 1,400,218
D) Amortization of Intangible Assets
Preliminary Expenses 15,643,565 17,941,057 15,643,565 17,941,057
Sub-total 181,897,494 170,697,305 179,799,587 167,570,313
Total (A+B+C+D) 834,130,159 899,005,840 812,487,305 887,127,331
Repairs:
Repairs to Bank's Assets 75,140,617 54,771,863 75,140,617 54,771,863
Sonali Investment Limited - 406,592 - -
Repairs to Bank's Assets of
257,173 1,203,536 257,173 1,203,536
Overseas Branches
Sub-total 75,397,790 56,381,991 75,397,790 55,975,399
Depreciation on Right of Use against IFRS-16 132,037,953 132,880,862 132,037,953 132,880,862
Grand Total 975,529,064 1,088,268,693 755,847,143 810,221,868
35.00 Other expenses
Repairs to Rented Property 39,256,352 31,520,532 39,256,352 31,520,532
Books and News Paper 37,889,535 32,696,862 37,707,653 32,540,121
Pay of Police guards. 1,204,832,661 1,139,709,466 1,204,272,038 1,138,462,630
Motor Car Running 37,952,563 36,747,165 37,952,563 36,747,165
Motor Car Maintenance 23,870,421 22,692,380 23,703,941 22,692,380
Hired Transport 42,873,287 38,313,163 42,873,287 38,313,163
Entertainment 71,691,309 77,432,910 67,300,465 76,480,003
Conveyance 5,120,835 4,295,003 5,120,835 4,295,003
Sundries 648,081,382 605,981,295 645,904,705 605,122,395
Traveling Expenses 114,512,549 126,159,065 112,867,592 121,128,422
Lunch Subsidy 602,939,539 622,821,653 602,337,911 622,151,093
Donation 23,945,000 20,000,000 23,945,000 20,000,000
Subscription 1,169,110 6,472,176 - 6,112,176
Liveries to Staff 5,536,094 5,682,407 5,536,094 5,682,407
Sports 50,000 122,437 50,000 122,437
VISA-IRF 266,885 240,077 266,885 240,077
Computer Hardware Repairs &
52,752,654 45,618,820 52,752,654 45,618,820
Maintenance
Computer Software Repairs &
322,335,291 233,723,283 251,954,016 232,939,671
Maintenance
Rent of Connectivity/CCTV/
209,288,922 151,829,481
Internet Etc. 209,288,922 151,829,481
Training Expenses 68,544,300 64,034,100 63,715,381 64,010,790
Washing Allowance 5,380,409 1,277,703 1,189,794 1,277,703
Cash Remittance
81,575,413 83,662,759 77,718,378 70,601,843
Transportation
Business Development 6,342,923 33,971,409 6,342,923 33,971,409
Death Relief Grant Scheme 44,650,000 49,575,000 44,650,000 49,575,000
Honorarium to staff 57,612,940 71,159,710 57,612,940 71,159,710
Generator Maintenance 94,943,046 79,648,510 94,919,160 79,648,510
NID Verification Charge 34,000,000 11,950,438 34,000,000 11,950,438
Loss on disposal of Securities* - 1,320,113 - 1,320,113

SONALI BANK PLC
Amount in Taka
2023 2022 2023 2022
Loss on Disposal of Fixed Assets 3,872 2,109,015 3,872 2,109,015
Children Education Allowance 76,478,643 65,407,198 76,478,643 65,407,198
Operation & Maintenance Cost
314,732,614 294,543,030 314,732,614 294,543,030
of Executive Car Loan
Fees against Swift, Bankers Almanc etc. 16,115,593 10,350,625 16,115,593 10,350,625
Overtime 41,227,816 43,353,181 41,227,816 43,353,181
Incentive for COVID-19 - 108,800 - 108,800
Exemption of SHBL of
150,000,000 150,000,000 150,000,000 150,000,000
Deceased Employees
Other expenses Relating to SAB 3,825,456 11,150 3,825,456 11,150
Unreconciled Entries of
37,175 17,080 37,175 -
NOSTRO Account
Call Center Service Charge 14,100,000 - 14,100,000 -
Bank's Incentives to Wage
143,972,037 - 143,972,037 -
Earners Remitters
Honorarium/Bonus to Employees of SECI 8,881,685 - -
Other expenses of SECI 80,079,286 33,723,087 - -
Consultant fees & Bank Charge of SIL 544,972 577,201 - -
CDBL Charge of Sonali Investment Ltd. 1,532,989 1,484,713 - -
VAT expense SIL 1,597,102 1,525,038 - -
Other expenses of SB (UK) Ltd. 49,804,728 129,101,451 - -
Sonali Pay (UK) Ltd. 24,149,380 - - -
Other expenses of Overseas Branches 19,476,713 12,011,934 19,476,713 12,011,934
4,775,091,795 4,351,863,105 4,523,209,408 4,153,408,427
*As per the reporting template of the Bank-Company Act, 1991and industry practice, Loss on Disposal of
Securities in 2023 have been adjusted in Investment Income of the Profit and Loss Account.
35.a Pursuant to BRPD Circular Letter No. 28 dated 26 July 2022 and BRPD Circular Letter No. 30 dated 27 July
2022, all schedule banks of Bangladesh are instructed to reduce certain expenses at specific percentage
from the allocated amount. Categories of expenses fall under these requirements are expenses for fuel,
electricity, entertainment, travelling, computer & accessories, electrical equipment, furniture and other
stationaries. Purchase of all new or replacement vehicle has also been prohibited. The Bank has taken
several initiatives such as reducing electricity cost, various expenses and travelling, deferring purchases
of computer and accessories which are not urgently required etc. To comply with the above instructions,
actual expense on the said categories are monitored on monthly basis to track the savings achieved against
the allocated amount. Savings achieved are reflected in the respective expense category in the profit and
loss statement or fixed assets schedule of the Bank.”
36.00 Provision for Loans and Advances
Provision for Classified Loans & Advances 18,408,781,730 9,391,598,530 18,408,781,730 9,391,598,530
Provision for Unclassified
148,543,160 (157,430,534) 148,543,160 (157,430,534)
Loans and Advances
Provision for Loans &
20,995,203 (5,190,087) - -
Advances of SB (UK) Ltd.
Total 18,578,320,093 9,228,977,909 18,557,324,890 9,234,167,996
36a In response to Bank's request regarding maintenance of provisions for loans & advances for 2023,
Bangladesh Bank vide letter no-DOS(CAMS)1157/41(Dividend)/2024-1840 dated 30 April 2024 has given
certain directives for maintenance of provision against unclassified and classified loans & advances and
Balance with Bangladesh Bank as on 31 December 2023. As per the directives, the Bank has calculated the
required provision against unclassified and classified loans & advances and maintained provision amounting
taka 10354.40 crore by relishing deferral of taka 1272.26 crore accordingly.

Amount in Taka
2023 2022 2023 2022
37.00 Provision for diminution in value of investment
Dealing securities
Quoted - - - -
Unquoted - - - -
Investment securities
Quoted 542,123,016 1,275,456,080 542,123,016 1,275,456,080
Unquoted - - - -
542,123,016 1,275,456,080 542,123,016 1,275,456,080
38.00 Other provisions
Provision for Other Assets 2,056,461,451 (1,632,118,359) 2,056,461,451 (1,632,118,359)
Provision for Off Balance Sheet
528,405,556 279,572,634 528,405,556 279,572,634
Exposure
Provision for Others (7,021,691) (35,375,483) (7,021,691) (35,375,483)
Provision for Other Banks and
- 441,749,999 - 441,749,999
NBFIs
Provision for Branch
Adjustment of Unreconciled (755,800,000) 1,083,100,000 (755,800,000) 1,083,100,000
Entries
Provision for Jute Sector
300,000,000 300,000,000 300,000,000 300,000,000
Reform Project
Provision for Sanchaypatra
(952,820,000) 1,561,420,000 (952,820,000) 1,561,420,000
Encashment Account
Provision for Bonus/Ex-gratia 3,000,000,000 2,680,000,000 3,000,000,000 2,680,000,000
Provision for Investment of
(126,060) 758,100,000 (126,060) 758,100,000
Orion Infrastructure Ltd.
Provision for Unreconciled
- 63,610 - 63,610
Entries of NOSTRO A/C
Pension for Army Bills (Old & New) 4,589,500,000 500,000,000 4,589,500,000 500,000,000
Provision for Incentive Bonus
- 1,000,000 - -
of Sonali Investment Ltd.
Provision for Debenture (Public
(100,225) - (100,225) -
& Private)
Provision for Preliminary
1,300,000 - 1,300,000 -
Expenses HR Recruitment
Provision for Balance with
248,800,000 - 248,800,000 -
Bangladesh Bank
9,008,599,030 5,937,512,402 9,008,599,030 5,936,512,402
38a In response to Bank's request regarding maintenance of provisions for Balance with Bangladesh Bank for
2023, Bangladesh Bank vide letter no-DOS(CAMS)1157/41(Dividend)/2024-1840 dated 30 April 2024 has
given certain directives for maintenance of provision against unclassified and classified loans & advances
and Balance with Bangladesh Bank as on 31 December 2023. As per the directives, the Bank has calculated
the required provision against Balance with Bangladesh Bank and maintained provision amounting taka
71.76 crore by relishing deferral of taka 1234.50 crore accordingly.
38b As per BRPD circular no. 06, date 25 April 2023 (Policy of off-balance Sheet exposure), provision should be
calculated and maintained against off- balance sheet items except the criteria mention in the BRPD circular
no. 06, date 25 April 2023. Bangladesh Bank allowed forbearance through vide no- BRPD (p-1)/661/13)/2017-
7860 dated 22 November 2017 & vide no. BRPD(P) /661/13/2023-7569 to dated 10 September 2023 maintain
required provision against L/C of Ruppur Nuclear Power plant & Adani Power (Jharkhand) Limited. Bank has
complied that accordingly.

SONALI BANK PLC
Amount in Taka
2023 2022 2023 2022
39.00 Cash Received from Other Operating Activities
Other Operating Income 356,916,177 288,708,596 301,883,682 261,611,535
356,916,177 288,708,596 301,883,682 261,611,535
40.00 Cash paid for Other Operating Activities
Rent (565,084,658) (565,187,716) (565,084,658) (565,187,716)
Taxes (33,078,682) (34,409,632) (33,078,682) (34,409,632)
Insurance (622,733,085) (565,356,091) (622,733,085) (565,356,091)
Power & electricity (191,900,016) (164,388,582) (191,900,016) (164,388,582)
Rent, Taxes, Insurance of
(36,344,255) (13,147,844) (36,344,255) (13,147,844)
Overseas Branches
Law Charges (84,377,116) (88,804,100) (56,249,528) (24,440,907)
Postage (7,871,067) (7,688,790) (7,871,067) (7,688,790)
Court Fees and Stamps (3,133,310) (3,218,474) (3,133,310) (3,218,474)
Telephone (26,669,707) (28,014,947) (26,669,707) (28,014,947)
Postage, Stamp, Telephone of
(8,875,770) (5,547,126) (8,875,770) (5,540,534)
Overseas Branches
Statutory Auditors' Fees (37,279,831) (46,744,291) (5,493,994) (6,105,786)
Fees Paid for Attending Board Meeting (20,641,680) (21,085,609) (4,879,600) (4,950,090)
Repairs to Bank's Property (75,140,617) (54,771,863) (75,140,617) (54,771,863)
Repairs to Bank's Property of
(257,173) (1,203,536) (257,173) (1,203,536)
Overseas Branches
Repairs to Rented property (39,256,352) (31,520,532) (39,256,352) (31,520,532)
Pay of Police Guards (1,204,832,661) (1,139,709,466) (1,204,272,038) (1,138,462,630)
Motor Car Running and
(61,822,984) (59,439,545) (61,656,504) (59,439,545)
Maintenance
Operation & Maintenance Cost
(314,732,614) (294,543,030) (314,732,614) (294,543,030)
of Executive Car Loan
Entertainment (71,691,309) (77,432,910) (67,300,465) (76,480,003)
Sundries (648,081,382) (605,981,295) (645,904,705) (605,122,395)
Traveling Expenses (114,512,549) (126,159,065) (112,867,592) (121,128,422)
Overtime (41,227,816) (43,353,181) (41,227,816) (43,353,181)
Donation (23,945,000) (20,000,000) (23,945,000) (20,000,000)
Subscription (1,169,110) (6,472,176) - (6,112,176)
Lunch Subsidy (602,939,539) (622,821,653) (602,337,911) (622,151,093)
Liveries to Staff (5,536,094) (5,682,407) (5,536,094) (5,682,407)
Sports (50,000) (122,437) (50,000) (122,437)
VISA-IRF (266,885) (240,077) (266,885) (240,077)
Computer Hardware Repairs &
(52,752,654) (45,618,820) (52,752,654) (45,618,820)
Maintenance
Computer Software Repairs &
(322,335,291) (233,723,283) (251,954,016) (232,939,671)
Maintenance
Rent of Connectivity/CCTV (209,288,922) (151,829,481) (209,288,922) (151,829,481)
Training Expenses (68,544,300) (64,034,100) (63,715,381) (64,010,790)
NID Verification Charge (34,000,000) (11,950,438) (34,000,000) (11,950,438)
Loss on Disposal of Securities - (1,320,113) - (1,320,113)
Loss on Disposal of Fixed
(3,872) (2,109,015) (3,872) (2,109,015)
Assets
Washing Allowance (5,380,409) (1,277,703) (1,189,794) (1,277,703)
Cash Transportation (81,575,413) (83,662,759) (77,718,378) (70,601,843)
Business Development (6,342,923) (33,971,409) (6,342,923) (33,971,409)

Amount in Taka
2023 2022 2023 2022
Conveyance (5,120,835) (4,295,003) (5,120,835) (4,295,003)
Death Relief Grant Scheme (44,650,000) (49,575,000) (44,650,000) (49,575,000)
Reserve for CSR Expenditure (150,000,000) (50,000,000) (150,000,000) (50,000,000)
Fees against SWIFT, Bankers Almanac etc. (16,115,593) (10,350,625) (16,115,593) (10,350,625)
Generator Maintenance (94,943,046) (79,648,510) (94,919,160) (79,648,510)
Incentive for COVID-19 - (108,800) - (108,800)
Other Expenses of Overseas Branches (19,476,713) (12,011,934) (19,476,713) (12,011,934)
Exemption of SHBL of
(150,000,000) (150,000,000) (150,000,000) (150,000,000)
Deceased Employees
Start-Up Fund (65,147,953) (37,104,243) (65,147,953) (37,104,243)
Hired Transport (42,873,287) (38,313,163) (42,873,287) (38,313,163)
Other expenses Relating to SAB (3,825,456) (11,150) (3,825,456) (11,150)
Bank's Incentives to Wage
(143,972,037) (143,972,037)
Earners Remitters
Call Center Service Charge (14,100,000) (14,100,000)
Special Benefit on Basic Pay - -
Unreconciled Entries of
(37,175) (37,175)
NOSTRO Account
Rent, Taxes, Insurance of SIL (10,148,738) (9,978,693) - -
Rent, Taxes, Insurance of SECI (37,902,025) (48,004,470) - -
Rent, Taxes, Insurance of SB-UK (281,176,086) (19,591,675)
Postage, Stamp, Telephone of SIL (119,514) (109,651) - -
Postage, Stamp, Telephone of SECI (6,603,725) (5,384,971) - -
Postage, Stamp, Telephone of SB-UK (3,896,151) (2,484,983)
Repairs to Bank's Property of SIL - (406,592) - -
VAT expense (1,597,102) (1,525,038) - -
Currency Conversion differences 369,662,939 (17,525,918) - -
Consultant Fees & Bank Charge of SIL (544,972) (577,201) - -
Other expenses of SECI (80,079,286) (33,723,087) - -
Other expenses of SB (UK) Ltd. (49,804,728) (216,734,275) - -
CDBL Charge of Sonali Investment Ltd. (1,532,989) (1,484,713) - -
(6,477,679,515) (6,051,493,190) (6,204,269,586) (5,549,830,432)
41.00 Increase / (Decrease) of Other Assets
Investment in SECI - - (6,367,850) (16,622,150)
Investment in SB-UK Limited - - (477,140,202) (240,187,239)
Sonali Bank India Operation (1,134,239,322) (559,217,803) (1,134,239,322) (559,217,803)
Stamps in Hand (397,740) (112,590) (397,740) (112,590)
Stationery in Hand (63,811,692) (35,682,733) (63,811,692) (35,682,733)
Advance Rent 21,591,294 35,964,299 21,591,294 35,964,299
Branch Adjustment 6,953,380,828 9,365,508,331 6,953,380,828 9,365,508,331
Suspense Account 10,901,276 3,810,575 10,901,276 3,810,575
Prepaid Expenses (2,287) 1,359,862 (2,287) 1,359,862
Employee pension fund investment 393,591,776 98,276,050 393,591,776 98,276,050
Employee PDCRB fund investment 520,704,230 (20,704,230) 520,704,230 (20,704,230)
Govt. Demand Draft Paid in Ex-Advice 5,838 81,918 5,838 81,918
Protested Bills 728,800 958,000 728,800 958,000
Adjusting Account Debit Balance (108,576,732) (67,390,893) (108,576,732) (67,390,893)

SONALI BANK PLC
Amount in Taka
2023 2022 2023 2022
Wage Earners' Bond Encashment A/C (829,754,968) (552,273,456) (829,754,968) (552,273,456)
Settlement Account (Islamic Widows) 610,478,202 (39,419,951) 610,478,202 (39,419,951)
Demand Drafts purchased 54,928,739 (110,787,606) 54,928,739 (110,787,606)
Pension Bill Purchased(Army) 236,426,349 192,982,461 236,426,349 192,982,461
Pension Bill Purchased(Civil) 13,540,303 20,555,697 13,540,303 20,555,697
Sanchaypatra Encashment Account 850,474,628 2,203,271,097 850,474,628 2,203,271,097
Preliminary Expenses - HR
15,643,565 17,941,057 15,643,565 17,941,057
Recruitment A/C
ATM Settlement Account Debit Balance 202,180,891 (185,554,025) 202,180,891 (185,554,025)
SECI Settlement Account Debit Balance - 297,033,983 - 297,033,983
Clearing Settlement Account
13,555,811 161,714,287 13,555,811 161,714,287
Debit Balance
Govt. Transaction Settlement
2,119,485,012 (1,896,448,444) 2,119,485,012 (1,896,448,444)
Account Debit Balance
Army Pension Bill Purchased A/C New 5,076,032,735 2,261,245,239 5,076,032,735 2,261,245,239
(22,077,194) (6,870,247) (22,077,194) (6,870,247)
Settlement Account Debit Balance
Non-Interest Bearing Blocked
- 1,142,813 - 1,142,813
Account for COVID-19
Receivable from Govt. Under Savings
1,553,813,379 1,016,180,618 1,553,813,379 1,016,180,618
Cert. Issued to Workers of BJMC
Current Assets of Overseas Branches 550,639,739 (678,705,053) 550,639,739 (678,705,053)
Current Assets of Islamic
(26,402,301) (43,851,556) (26,402,301) (43,851,556)
Banking Window
SBL Employees Benevolent
(18,892,177) - (18,892,177) -
fund Investment
Placement With Solicitation Account (23,221,470) - (23,221,470) -
Kallyan Bhata (DDP)
(23,417,749) (23,417,749)
Reimbursement New
Branch Reconstruction A/C - 50,195 - 50,195
NRT A/C Dr. Balance - 435,775,867 - 435,775,867
Imprest Receivable A/C from
250,374,410 (250,374,410) 250,374,410 (250,374,410)
B.B against W.E.R
FET Settlement Account Debit Balance 1,053,455,853 (1,053,455,853) 1,053,455,853 (1,053,455,853)
Bank POS Settlement Account
(445,500) (39,700) (445,500) (39,700)
Debit Balance
SPG Settlement Account Debit Balance 578,304,123 (578,304,123) 578,304,123 (578,304,123)
Tap Link Settlement Account
1,336 (1,336) 1,336 (1,336)
Debit Balance
Current Assets of SECI (45,201,756) (134,703,517) - -
Prepaid Expenses of SB (UK) Ltd. 456,585,034 (496,329,233) - -
Other Receivable (25,611,684) 24,930,101 - -
Advance deposit of SIL - (400,000) - -
Security Deposits SECI (1,356,004) (1,260,595) - -
19,214,566,541 9,428,736,300 18,346,642,898 9,779,690,155
42.00 Increase / (Decrease) of Other Liabilities
Closing other liabilities:
Provision for Classified Loans (452,996,788) (169,475,754) (452,996,788) (174,409,084)
Sonali Bank Employees' Pension fund (326,872,736) (106,389,843) (326,872,736) (106,389,843)

Amount in Taka
2023 2022 2023 2022
Sonali Bank Employees' PDCRB fund (186,213,130) 641,480,760 (186,213,130) 641,480,760
(129,582,757) (1,755,437) (129,582,757) (1,755,437)
(Benevolent Fund)
Sundry Deposits (H.O) (130,628,108) (4,195,172,229) (130,628,108) (4,195,172,229)
Provision for Bonus (2,568,981,001) (2,527,103,430) (2,567,945,841) (2,519,411,644)
Refinance fund for Milk Product and
- (19,600,000) - (19,600,000)
Artificial Inse. Scheme-RCD
Sirajganj Integrated Rural
616,123 616,123 616,123 616,123
Development Fund
Foreign Correspondent Charges 221,347 235,116 221,347 235,116
Provision for NOSTRO 37,175 37,175 -
Interest Bearing FC Repayable
(3,979,521,405) 986,554,106 (3,979,521,405) 986,554,106
to Bangladesh Bank
Provision for Salary - (462,202) - (462,202)
Income Receivable in Advance (100) (1,964) (100) (1,964)
BB Refinance Scheme for SML of Tk. 10 - 18,987,000 - 18,987,000
Employees Tax Deducted at
65,478 384,820 65,478 384,820
Source from Salary
E-Challan Settlement Account
8,399,574 (261,817,320) 8,399,574 (261,817,320)
Credit Balance
ATM Settlement Account
(1,272,392) 684,334 (1,272,392) 684,334
Credit Balance
Clearing Settlement Account
6,669,773 (16,091,365) 6,669,773 (16,091,365)
Credit Balance
Govt. Transaction Settlement
(2,096,728,735) (6,654,086,876) (2,096,728,735) (6,654,086,876)
Account Credit Balance
Sanchaypatra Sales Account
(613,190,828) (2,466,105,399) (613,190,828) (2,466,105,399)
Credit Balance
MCD Loan Settlement Account
9,866 (1,635,881) 9,866 (1,635,881)
Credit Balance
Imprest A/C-Received from B.B
153,350,927 (81,650,564) 153,350,927 (81,650,564)
against W.E.R Account
FET Settlement Account Credit Balance 7,609,130,445 (5,253,475,743) 7,609,130,445 (5,253,475,743)
Asian Clearing Union (VOSTRO) 54,354,507 24,942,195 54,354,507 24,942,195
Travel Tax Online Transaction (LO) Account 19,993,250 18,110,250 19,993,250 18,110,250
Travel Tax Central Recovery Account 3,811,000 3,567,500 3,811,000 3,567,500
E-Passport Central Recovery Account - (528,500) - (528,500)
16,851,534 5,891,284 16,851,534 5,891,284
Settlement A/C Credit Balance
Repayable to B.B against Stimulus Fund
(31,082,281) (124,329,059) (31,082,281) (124,329,059)
Received for Worker's COVID-19
Interest Suspense Account for COVID-19 (8,113) (43,526) (8,113) (43,526)
Repayable to B.B for Fund Received Under
(1,302,838,600) 408,499,500 (1,302,838,600) 408,499,500
Agri. Loan against COVID-19 (RCD)
Other Liabilities of Overseas Branches 880,716,992 386,338,508 880,716,992 386,338,508
Other Liabilities of Islamic Banking Window - 554,021,502 - 554,021,502
Lease Liability against IFRS-16 451,326,603 (1,512,260) 451,326,603 (1,512,260)

SONALI BANK PLC
Amount in Taka
2023 2022 2023 2022
Repayable to B.B for Fund Received
Under Revolving Refinance Scheme for (295,333,335) 451,333,334 (295,333,335) 451,333,334
COVID-19
Repayable to Borrower the Interest Subsidy
(73,104) (63,063,100) (73,104) (63,063,100)
Fund Received from BB againstCOVID-19
Interest Bearing F.C (Payra Port
41,538,808,667 5,863,190,891 41,538,808,667 5,863,190,891
Authority)Repayable to B.B
BB Refinance Scheme (200
70,000 (60,000) 70,000 (60,000)
Crore) for Jute Sector
Bank POS settlement account credit Balance (23) (49,941,911) (23) (49,941,911)
SPG Settlement Account Credit Balance (611,537,377) (101,277) (611,537,377) (101,277)
Start-Up Fund (104,370,924) 37,104,243 (104,370,924) 37,104,243
Provision against Non-Banking Assets (NBA) - 4,421,974 - 4,421,974
Tap Link Settlement Account Credit Balance 66,328 114,922 66,328 114,922
Commission payable Account for SAB 1,423,736 889,931 1,423,736 889,931
BB Refinance Scheme for S.M.L
- 18,987,000 - 18,987,000
of Tk.10 A/C Holders
Repayable to B.B against Refinance Scheme
242,557,683 44,139,000 242,557,683 44,139,000
under MCD Loan of Tk. 10/50/100 A/C
Repayable to B.B against Refinance -
184,629,000 184,629,000 -
Scheme of Ghore Fera
Repayable to B.B against Refinance
114,878,800 - 114,878,800 -
Scheme under Agri Loan for wheat & Maize
Repayable to B.B against Fund
569,474,353 - 569,474,353 -
Received under Agri Loan for Food
Balance Held with Foreign
13.09 7,855,460,992 - 7,855,460,992 -
Bank abroad (Cr Balance)
Coupon interest income account 1,061,064 - 1,061,064 -
Repayable to B.B against Fund Received
1,200,000,000 - 1,200,000,000 -
under Pre-Finance Scheme for CMSME
I.D.A. Credit -3917 B.D (178,851,969) - (178,851,969) -
Settlement account credit balance 31,227,218 - 31,227,218 -
Allowance for Bank's Incentives
636 - 636 -
to Wage Earners Remitters
Interoperable Digital Transaction
140,983 - 140,983 -
Platform (IDTP) for credit Balance
BB Refinance Scheme for S.M.L
(18,987,000) - (18,987,000) -
of Tk.10 A/C Holders
Provision for Staff Loan Exemption A/C 30,294,966 - 30,294,966 -
Expenses Payable for SIL Client Sale & Others 25,238,622 (23,572,852) - -
Others liabilities of subsidiary Company SIL 25,709,566 131,718,488 - -
Others liabilities of subsidiary Company SECI 128,176,389 (53,896,369) - -
Others liabilities of subsidiary
147,437,435 (23,349,405) - -
Company SB(UK) Ltd.
Others liabilities of Sonali Pay (UK) Ltd. 81,604,509 - - -
Cover Funds of SECI (49,795,497) - - -
Security Deposit of SECI (136,318) 14,523,050 - -
Security Deposit of SIL (229,814) - - -

Amount in Taka
2023 2022 2023 2022
Portfolio Margin Deposit Control 1,334,176 49,795,497 - -
Remittance Payable to Beneficiary (88,038,464) (62,950,210) - -
54,644,643,888 (7,746,044,074) 54,374,147,283 (7,784,096,685)
43.00 Cash and cash equivalents
Cash in hand (Including foreign currency) 10,010,552,936 9,961,709,956 9,939,498,217 9,842,626,905
Balance with Bangladesh Bank 102,942,238,504 80,274,430,747 102,942,238,504 80,274,430,747
Money at call on short notice 18,294,193,123 3,255,092,645 15,217,100,000 2,808,200,000
Balance held with other bank 41,906,490,392 38,546,814,968 47,936,875,388 38,151,370,131
Prize bonds in hand 84,134,700 55,695,100 84,134,700 55,695,100
173,237,609,654 132,093,743,416 176,119,846,809 131,132,322,883
44.00 Earnings per Share (EPS)
Net profit after tax 7,474,505,680 4,081,782,360 6,514,795,305 3,710,424,318
Number of ordinary shares
44.01 453,000,000 453,000,000 453,000,000 453,000,000
outstanding
Earnings per share (EPS) 16.50 9.01 14.38 8.19
44.01 Weighted average number of ordinary shares outstanding
453,000,000 ordinary shares
453,000,000 453,000,000 453,000,000 453,000,000
outstanding for 365 days (2022)
453,000,000 453,000,000 453,000,000 453,000,000
45.00 Audit Committee
Audit Committee of Sonali Bank PLC has been constituted by the Board of Directors as
per BRPD Circular No. 12 dated 23 December 2002 comprising the following members:
Sl. Status in the Status with the
Name Educational qualification
No. Bank committee
Mr. Gopal Chandra Ghosh M.Com (DU) , FCA, FCMA,
1 Director Chairman
FCA, FCMA, CPA CPA(Australia)
Ph.D (Economics),
2 Dr. Doulatunnaher Khanam Director Member
M.S.C(Economics)
Professor Dr. Mohammad Ph.D (The Flinders
3 Director Member
Kaykobad University of South Australia)
M.Com (Finance), DU,
Ph.D, Piston University, USA
Duties and Responsibilities of the Audit Committee:
i) To Evaluate internal control and compliance, risk management, computerization and system of MIS of the bank.
ii) To review annual financial statements of the bank and exchange views with external auditors and Bank
management in the regard.
iii) To consider if the recommendations made by internal & External Auditors are in order to develop
internal control strategy by the Bank Management.
iv)To review as to whether the rules and regulation made by controlling authorities like Bangladesh Bank
and other regulatory bodies are duly followed.
v) To appraise the Bank’s Board of Directors regarding Lapses and errors/ Frauds & Forgeries/ other
irregularities detected by internal auditors, external auditors & Bangladesh Bank inspection team and
corrective measures taken for the purpose of effective control.
During the year 2023 the Audit Committee has conducted 10 (ten) meetings in which, among others, the
following issues were discussed:
i) Comprehensive inspection reports of Bangladesh Bank including status of Compliance thereof.
ii) Inspection reports of branches/Head Office conducted by Bank's internal inspection team.
iii) Financial Statements of the Bank.
iv) Half yearly accounts of 2023 of the Bank.
v) Status of compliance of different rules and regulations.

SONALI BANK PLC
Annual Financial Statements have been Discussed with the External Auditors in the Audit Committee
Meeting held on 30 April 2024.
46.00 Related Party Disclosures
Name of
the firms/
Companies in
Status which interested
SL. No. of
Name with the as proprietor, Position
No Shares
Bank partner, director,
managing agent,
guarantor,
employee etc.
1 Mr. Ziaul Hasan Siddiqui Chairman Nil Nil Nil
2 Mr. A.B.M Ruhul Azad Director Nil Nil Nil
Mashnoons
Chairman 50%
Limited
Kintetsu
World Express
Director 20%
Bangladesh
Director Limited
3 Mr. A K M. Kamrul Islam FCA, FCS (Retired on Shofol AMC
09.02.2023) & Alternative Director 0.91%
Venture Limited
Islam Aftab
Karmrul & Co.
Partner 40%
Chartered
Accountants
Director
Mr. Ishtiaque Ahmed Expert Academy
4 (Retired on Director 10%
Chowdhury Limited
25.10.2023)
Dhaka Imperial
5 Dr. Doulatunnaher Khanam Director Director 4%
Group Limited
6 Mr. Molla Abdul Wadud Director Nil Nil Nil
7 Prof. Dr. Mohammad Kyakobad Director Nil Nil Nil

8 Dr. Md. Matiur Rahman Director Nil Nil Nil
9 Mr. Abul Kalam Azad Director Nil Nil Nil
Director
Mr. Gopal Chandra Ghosh FCA,
10 (Joined on Nil Nil Nil
FCMA, CPA
07.03.2023)
CEO &
11 Mr. Md. Afzal Karim Managing Nil Nil Nil
Director
47.00 Related party/(ies) transaction
The bank generally carried out transactions in the ordinary course of its business at arm's length at
commercial rate as per agreements with different related parties. The bank also renders services to the
Government in various forms, which are not quantified. However, as of the date of the financial statements
the Bank had no transactions with the Director of the Bank as a related party. During the year, the bank had
some quantified transactions with the Government (Sponsor/Share holder) as defined on BRPD Circular
no14 issued by the Bangladesh Bank on 25 March 2003 are listed below:

Transaction
Status with the Related
Name of the Related Party Related by Outstanding Remarks
Party
Balance (Crore)
Concerned Department Pension
Government (Note-9.8.) Sponsor/Share holder 284.11
of the Government bills(Army)
Concerned Department Pension bills
Government (Note: 9.8) Sponsor/Share holder 274.84
of the Government Army (New)
Concerned Department Pension
Government (Note: 9.8) Sponsor/Share holder 7.81
of the Government bills(Civil)
Jatio Shanchaya Bureau (Note- Concerned Department PSB/BSP
Sponsor/Share holder 598.95
9.8) of the Government Encashment
Bangladesh Power Development Concerned Department Non Funded
Sponsor/Share holder 3,286.27
Board (BPDB) (Note 7.7) of the Government Loan
Bangladesh Petroleum Concerned Department Non Funded
Corporation (BPC) (Note 7.7) of the Government Loan
Bangladesh Agricultural Development Concerned Department Funded & Non
Sponsor/Share holder
Corp. (BADC) (Note 7.7) of the Government 16,215.32 Funded Loan
Bangladesh Sugar & Food Ind. Concerned Department Funded & Non
Corp. (BSFIC) (Note 7.7) of the Government Funded Loan
Bangladesh Steel & Engineering Concerned Department Funded & Non
Corporation (BSEC) of the Government Funded Loan
Directorate General of Food Concerned Department Funded & Non
(DGF) (Note 7.7) of the Government Funded Loan
Concerned Department Non Funded
Bangladesh Air Force Sponsor/Share holder 110.32
of the Government Loan
Bangladesh Navy Sponsor/Share holder 6.21
Rapid Action Battalion (RAB) Sponsor/Share holder 25.15
Bangladesh Chemical Industries Concerned Department Funded & Non
Corporation (BCIC) (Note 7.7) of the Government Funded Loan
Bangladesh Railway (Note 7.7) Sponsor/Share holder 1,294.91
Bangladesh Water Development Concerned Department Funded & Non
Board (BWDB) (Note 7.7) of the Government Funded Loan
Bangladesh Rural Electrification Concerned Department Non Funded
Board (BREB) of the Government Loan
B-R Powergen Limited Sponsor/Share holder 122.32
Department of Gas Transmission Concerned Department Non Funded
Company Limited (GTCL) of the Government Loan
Department of Fire Service & Concerned Department Non Funded
Civil Defense of the Government Loan
Bangladesh Textile Mills Concerned Department
Sponsor/Share holder 15.11 Funded Loan
Corporation (BTMC) of the Government
Bangladesh Betar Sponsor/Share holder 0.40
Dept. of Printing and Publication Sponsor/Share holder 2.67
Bangladesh Petroleum Exploration Concerned Department Non Funded
& Production Co. Ltd. (BAPLX) of the Government Loan
Eastern Refinery Limited Sponsor/Share holder 196.60
Trading Corporation of Concerned Department Funded & Non
Bangladesh (TCB) (Note 7.7) of the Government Funded loan
Dhaka WASA Sponsor/Share holder 15.33

SONALI BANK PLC
Transaction
Party
Balance (Crore)
Concerned Department of
Civil Aviation Authority (Note 7.7) Sponsor/Share holder 506.58 Non Funded Loan
the Government
Chittagong Port Authority Sponsor/Share holder 110.13 Non Funded Loan
the Government
Bangladesh Standard Control & Concerned Department of
Sponsor/Share holder 7.34 Non Funded Loan
Testing Institute (BSTI) the Government
Dhaka University Sponsor/Share holder 9.57 Funded Loan
the Government
Essential Drug Co. Ltd. Sponsor/Share holder 27.39 Non Funded Loan
the Government
Milk Vita Sponsor/Share holder 7.01 Non Funded Loan
the Government
Bangladesh Bank Sponsor/Share holder 30.19 Non Funded Loan
the Government
Bangladesh Telecommunication Concerned Department of
Co. Ltd. (BTCL) the Government
Bangladesh Satellite Co. Ltd. Sponsor/Share holder 0.94 Non Funded Loan
the Government
Bangabandhu Novo Theater Sponsor/Share holder 5.50 Non Funded Loan
the Government
Ministry of Health Sponsor/Share holder 123.05 Non Funded Loan
the Government
Metrological Department Sponsor/Share holder 12.93 Non Funded Loan
the Government
Family Planning Sponsor/Share holder 4.91 Non Funded Loan
the Government
Livestock and Daily Devolopment Concerned Department of
Project (LDDP) the Government
Ministry of Post & Telecommunication Sponsor/Share holder 11.23 Non Funded Loan
the Government
Bangladesh Inland Water Concerned Department of
Transport Corporation (BIWTC) the Government
Department of Immigration and Concerned Department of
Passport the Government
Bangladesh Cable Shilpa Ltd. Sponsor/Share holder 0.76 Non Funded Loan
the Government
Shahid Monsur Ali Medical Concerned Department of
College the Government
Bangladesh Police Sponsor/Share holder 193.53 Non Funded Loan
the Government
Central Medical storage DEPO Concerned Department of
(CMSD) the Government
DGFI Sponsor/Share holder 188.64 Non Funded Loan
the Government
Bangladesh Ordinance Factory (BOF) Sponsor/Share holder 379.07 Non Funded Loan
the Government
Bangladesh Atomic Energy Commission Concerned Department of
Sponsor/Share holder Non Funded Loan
(Roopur NNP Project) (note 7.7) the Government 41,268.72
Directorate General of Defense Concerned Department of
Sponsor/Share holder 2,818.74 Non Funded Loan
Purchase (DGDP) the Government
Bangladesh Election Commission Concerned Department of
(BEC) the Government
Bangladesh Jute Mills Concerned Department
Corporation (BJMC) of the Government
Department of Environment Sponsor/Share holder 8.92

Transaction
Party
Balance (Crore)
Dhaka South City Corporation Sponsor/Share holder 0.08 Non Funded Loan
the Government
Islamic Foundation Sponsor/Share holder 2.17 Non Funded Loan
the Government
National Telecommunication Concerned Department of
Monitoring Center the Government
KUET Sponsor/Share holder 40.36 Non Funded Loan
the Government
Latif Buwany Jute Mills Ltd. Sponsor/Share holder 0.42 Non Funded Loan
the Government
Sher-e-Bangla Agricultural Concerned Department of
University the Government
Mowlana Bhasani Science & Concerned Department of
Technology University the Government
Shahjalal University of Science & Concerned Department of
Technology the Government
Sundarban Gas Shilpa Ltd. Sponsor/Share holder 13.54 Non Funded Loan
the Government
Department of Public Health Concerned Department of
Engineering (DPHE) the Government
Rural Power Company Limited (RPCL) Sponsor/Share holder 1,051.42 Non Funded Loan
the Government
Bangladesh Municipal Water Sponsor/Share holder 0.87 Non Funded Loan
the Government
BUET Sponsor/Share holder 11.11 Non Funded Loan
the Government
Ministry of Roads and Highways Sponsor/Share holder 11.32 Non Funded Loan
the Government
Modern Food Ltd. Sponsor/Share holder 125.09 Non Funded Loan
the Government
Power Grid Company of Concerned Department of
Sponsor/Share holder 5,050.54 Non Funded Loan
Bangladesh the Government
Bangladesh Television Sponsor/Share holder 10.75 Non Funded Loan
the Government
Bangladesh Biman Airlines Ltd. Concerned Department of
Sponsor/Share holder 4,646.52 Funded Loan
(Note 7.7) the Government
Sonali Exchange Co. N.Y. (Note 7.3.1) The Bank Subsidiary Company 5.05 Funded Loan
Sonali Bank (U.K.) Ltd (Note 7.3.1) The Bank Subsidiary Company 385.00 Funded Loan
Payra Port Authority (Note 7.3.1) The Bank 4,999.62 Funded Loan
the Government
Sonali Exchange Co. N.Y. (Note 9.1) The Bank Subsidiary Company 10.45 Investment
Sonali Investment Ltd. (Note 9.1) The Bank Subsidiary Company 200.00 Investment
Sonali Bangladesh (U.K.) Ltd

The Bank Subsidiary Company 410.03 Investment
(Note 9.1)
Sonali Pay (U.K.) Ltd (Note 9.1) The Bank Subsidiary Company 13.17 Investment
Sonali Bank India Operation (Note 9.1) The Bank Branches 166.21 Investment
Sonali Intelect Ltd (Note 9.1) The Bank Associate 2.63 Investment
48.00 Event after the Balance Sheet date

No circumstances have arisen since the Balance Sheet date, which would require any adjustments or disclosure
to be made in the Financial Statements.

SONALI BANK PLC

Balance with Bangladesh Bank and its agent bank(s)
and Investment in Government securities
Annexure -A
1.00 Balance with Bangladesh Bank and its agent bank(s)
a) Local Currency
Amount in Taka
No. Particulars As per
As per Sonali Bank
Bangladesh Bank
1 Head Office 78,521,574,158 67,540,561,492
2 Local Office 6,013,393,000 5,982,942,000
3 Barishal Corporate Branch 147,287,618 147,287,618
4 Bogra Corporate Branch 330,759,850 56,097,645
5 Laldighi Corporate Branch 703,916,872 394,818,896
6 Khulna Corporate Branch 86,230,046 137,283,164
7 Rangpur Corporate Branch 119,016,370 113,471,982
8 Rajshahi Corporate Branch 21,767,536 42,907,552
9 Sylhet Corporate Branch 394,640,175 394,661,975
Total 86,338,585,625 74,810,032,324
b) Foreign Currency
Amount
No. Particulars As per As per
Sonali Bank Bangladesh Bank
1 USD 16,911,632,031.80 4,429,469,906
2 GBP 43,801,401.78 45,357,909
3 EURO 124,957,487.34 14,613,195
4 J. YEN 1,121,510.26 1,121,510
Total 17,081,512,431 4,490,562,521
Difference appeared in between the balance as per Bangladesh Bank and Sonali Bank PLC. due to
reconciliation gap.
2.00 Investment in Government securities classified as per Bangladesh Bank’s DOS Circular Letter No. 05 date
26 May 2008, DOS Circular Letter No. 05 date 28 January 2009 and DOS Circular Letter No. 27 date 4
December 2023.
Amount in Taka
Particulars
2023 2022
a) Held to Maturity (HTM)
Bond / Other securities
2 years BGTB 47,194,812,369 38,115,278,537
5 years BGTB 105,953,919,063 51,672,481,387
10 years BGTB 109,988,806,236 54,083,615,560
15years BGTB 70,484,426,022 44,168,336,997
20 years BGTB 71,270,385,889 40,796,794,198

Amount in Taka
Particulars
2023 2022
11 to 13 years BJMC 2,141,700,000 2,141,700,000
8 to 15 years BPC - 8,210,100,000
7 years SBL 4,427,400,000 4,427,400,000
Public Debenture 5,147,900 5,147,900
3 years FRTB - -
Sub Total 411,466,597,479 243,620,854,579
b) Held For Trading (HFT)

Treasury Bill
91 days Treasury Bill 9,898,135,000 47,181,054,378

Sub Total 91,032,802,732 61,589,677,873
Bond / Other securities
2 years BGTB 18,559,218,106 61,837,206,986

5 years BGTB 29,850,433,201 68,088,613,531
10 years BGTB 323,327,950 23,982,340,711
15years BGTB 4,311,913,600 12,253,091,958
20 years BGTB 4,121,605,000 15,013,405,538
Reverse Repo - -
Public Share-ICB 913,424,500 913,424,500
Sub Total 58,079,922,357 182,088,083,225
Total 149,112,725,089 243,677,761,098
(c) Remeasured Security Account

2 years BGTB - -
5 years BGTB - 3,103,807,854
10 years BGTB - 26,594,762,937
15years BGTB - 13,491,999,128
20 years BGTB - 12,477,675,685
Sub Total - 55,668,245,604
(d) Bangladesh Government Investment Sukuk (Ijarah Sukuk)
BG Investment Sukuk (Ijarah Sukuk) 11,228,870,000 11,228,870,000

Sub Total 11,228,870,000 11,228,870,000
Grand Total 571,808,192,568 554,195,731,281

346
Consolidated Schedule of Fixed Assets
Annexure -B
Cost/Revaluation Depreciation/Amortization
Written
SONALI BANK PLC
Opening Disposals/ Foreign Total Rate Opening Disposals/ Foreign Total down
Particulars Addition Charged
balance adjustments currency balance of balance adjustments currency balance value as at
during during
as at during the translation as at Dep. as at during the translation as at 31.12.2023
the year the year
01.01.2023 year gain/(loss) 31.12.2023 (in %) 01.01.2023 year gain/(loss) 31.12.2023
ANNUAL REPORT 2023

Premises 32,256,947,656 766,234 - 31,826,415 32,289,540,305 2.50 673,886,104 - 67,266,944 13,222,363 754,375,411 31,535,164,894
Building Construction 404,673,971 59,485,641 11,388 - 464,148,224 - - - - - - 464,148,224
Sub total 32,661,621,627 60,251,875 11,388 31,826,415 32,753,688,529 673,886,104 - 67,266,944 13,222,363 754,375,411 31,999,313,118
B) Dead Stock
Furniture 1,607,210,384 148,816,829 9,022,498 6,406,281 1,753,410,996 10.00 1,009,951,391 11,779,080 124,352,035 6,185,253 1,128,775,627 624,635,369
Electric Installation 1,442,855,118 126,224,156 19,803,228 104,599 1,549,380,645 20.00 1,115,792,436 21,382,992 140,789,898 104,599 1,235,303,940 314,076,705
Computer Hardware 2,939,671,428 412,308,110 23,954,469 5,697,088 3,333,722,156 20.00 2,420,893,899 40,286,659 270,620,212 5,754,342 2,656,981,794 676,740,362
Type Writer Machine 5,608,372 - 68,299 - 5,540,073 20.00 5,579,546 56,572 13,774 - 5,536,749 3,324
Motor Car & Others 690,276,947 13,500 9 1,993,662 692,284,100 20.00 496,193,530 9,257 45,431,332 1,952,096 543,567,702 148,716,399
Library 13,892,021 124,112 - - 14,016,134 7.00 7,528,645 - 1,385,423 - 8,914,068 5,102,065
Sub total 6,699,514,271 687,486,707 52,848,503 14,201,630 7,348,354,105 5,055,939,447 73,514,560 582,592,675 13,996,291 5,579,079,881 1,769,274,224
Total (A+B) 39,361,135,898 747,738,582 52,859,891 46,028,045 40,102,042,634 5,729,825,552 73,514,560 649,859,619 27,218,654 6,333,455,292 33,768,587,342
C) Dead Stock of overseas Branches
India Operation 29,790,601 4,454,130 - - 34,244,731 22,649,109 - 2,373,046 - 25,022,155 9,222,576
Sub total 29,790,601 4,454,130 - - 34,244,731 22,649,109 - 2,373,046 - 25,022,155 9,222,576
D) Intangible Assets
Computer Software 785,869,081 101,890,785 - 1,044,175 888,804,041 20.00 678,546,704 339,513 166,253,929 1,030,847 845,491,967 43,312,074
Sub total 785,869,081 101,890,785 - 1,044,175 888,804,041 678,546,704 339,513 166,253,929 1,030,847 845,491,967 43,312,074
E) Right of Use Assets

Right of Use Assets 531,015,738 545,313,426 - 3,694,351 1,080,023,515 149,825,013 23,900,868 125,147,543 3,694,342 254,766,030 825,257,485
Sub total 531,015,738 545,313,426 - 3,694,351 1,080,023,515 149,825,013 23,900,868 125,147,543 3,694,342 254,766,030 825,257,485
Balance as at 31 December 2023 40,707,811,318 1,399,396,923 52,859,891 50,766,571 42,105,114,921 6,580,846,377 97,754,941 943,634,137 31,943,842 7,458,735,443 34,646,379,478
Balance as at 31 December 2022 39,839,471,301 1,037,691,295 174,277,894 4,926,615 40,707,811,318 5,825,531,423 259,745,346 1,013,945,644 1,104,550 6,580,836,271 34,126,975,047
SONALI BANK PLC
Schedule of Fixed Assets
As at 31 December 2023 Annexure -C
Cost/Revaluation Depreciation/Amortization
Written
Opening Disposals/ Rate Disposals/ Total downvalue
Particulars Addition Total Opening Charged
balance adjustments of adjustments balance as at
during the balance as at balance as at during the
as at during the Dep. during the as at 31.12.2023
year 31.12.2023 01.01.2023 year
01.01.2023 year (in %) year 31.12.2023
Premises 31,980,327,211 - - 31,980,327,211 2.50 557,071,774 - 57,335,091 614,406,865 31,365,920,346
Building Construction 404,673,972 59,485,641 11,388 464,148,225 - - - - - 464,148,225
Sub total 32,385,001,182 59,485,641 11,388 32,444,475,436 557,071,774 - 57,335,091 614,406,865 31,830,068,571
B) Dead Stock
Furniture 1,525,892,661 138,213,785 9,022,494 1,655,083,952 10.00 946,290,554 11,779,076 119,990,463 1,054,501,941 600,582,011
Electric Installation 1,399,185,457 125,709,606 7,878,234 1,517,016,829 20.00 1,075,737,361 9,457,998 140,453,443 310,284,024
1,206,732,805
Computer Hardware 2,863,078,296 393,526,067 23,954,463 3,232,649,899 20.00 2,348,279,086 40,286,653 266,154,559 2,574,146,992 658,502,907
Type Writer Machine 5,608,372 - 68,299 5,540,074 20.00 5,579,546 56,572 13,774 5,536,749 3,324
Motor Car & Other Vehicle 650,873,906 - 9 650,873,897 20.00 466,424,039 9,257 44,981,919 511,396,701 139,477,196
Library 13,892,021 124,112 - 14,016,134 10.00 7,528,644 - 1,385,423 8,914,067 5,102,067
Sub total 6,458,530,714 657,573,570 40,923,499 7,075,180,785 4,849,839,230 61,589,556 572,979,581 5,361,229,255 1,713,951,529
Total (A+B) 38,843,531,896 717,059,211 40,934,887 39,519,656,220 5,406,911,004 61,589,556 630,314,672 5,975,636,120 33,544,020,100
India Operation 29,790,601 4,454,130 - 34,244,731 22,649,109 - 2,373,046 25,022,155 9,222,576
Sub total 29,790,601 4,454,130 - 34,244,731 22,649,109 - 2,373,046 25,022,155 9,222,576
Computer Software 771,878,082 80,369,931 - 852,248,013 20.00 664,943,126 339,513 164,156,022 828,759,636 23,488,377
Sub total 771,878,082 80,369,931 - 852,248,013 664,943,126 339,513 164,156,022 828,759,636 23,488,377
E) Right of Use Assets

Right of Use Assets 531,015,738 545,313,426 1,076,329,164 149,825,013 23,900,868 125,147,406 251,071,552 825,257,612
ANNUAL REPORT 2023

Sub total 531,015,738 545,313,426 - 1,076,329,164 149,825,013 23,900,868 125,147,406 251,071,552 825,257,612
Balance as at 31 December 2023 40,176,216,318 1,347,196,698 40,934,887 41,482,478,128 - 6,244,328,252 85,829,937 921,991,146 7,080,489,462 34,401,988,666
347
Balance as at 31 December 2022 39,399,452,155 949,342,357 172,578,194 40,176,216,318 - 5,523,030,259 276,425,593 997,723,586 6,244,328,252 33,931,888,066
348
Consolidated Schedule of Fixed Assets on Cost Basis
Annexure -D
Cost Value Depreciation/Amortization
SONALI BANK PLC
Written
Opening Disposals/ Foreign Total Rate Opening Disposals/ Foreign down
Particulars Addition Charged Total
balance adjustments currency balance of balance adjustments currency
during during balance as at value as at
as on during the translation as at Dep. as at during the translation
the year the year 31.12.2023 31.12.2023
01.01.2023 year gain/(loss) 31.12.2023 (in %) 01.01.2023 year gain/(loss)
ANNUAL REPORT 2023

Premises 2,193,363,439 766,234 - 31,826,415 2,225,956,088 2.50 570,169,211 - 67,266,944 13,222,363 650,658,518 1,575,297,571
Building Construction 404,673,971 59,485,641 11,388 - 464,148,224 - - - - - - 464,148,224
Sub total 2,598,037,410 60,251,875 11,388 31,826,415 2,690,104,313 570,169,211 - 67,266,944 13,222,363 650,658,518 2,039,445,795
B) Dead Stock
Furniture 1,606,948,791 148,816,829 9,022,498 6,406,281 1,753,149,402 10.00 1,009,941,285 11,779,080 124,352,035 6,185,253 1,128,699,494 624,449,908
Electric Installation 1,442,855,118 126,224,156 19,803,228 104,599 1,549,380,645 20.00 1,115,792,437 21,382,992 140,789,898 104,599 1,235,303,941 314,076,704
Computer Hardware 2,939,671,428 412,308,110 23,954,469 5,697,088 3,333,722,156 20.00 2,420,893,955 40,286,659 270,620,212 5,754,342 2,656,981,850 676,740,306
Type Writer Machine 5,608,372 - 68,299 - 5,540,073 20.00 5,579,546 56,572 13,774 - 5,536,749 3,324
Motor Car & Others 690,276,947 13,500 9 1,993,662 692,284,101 20.00 495,930,982 9,257 45,431,332 1,952,096 543,305,154 148,978,947
Library 13,892,021 124,112 - - 14,016,134 7.00 7,528,645 - 1,385,423 - 8,914,068 5,102,066
Sub total 6,699,252,677 687,486,707 52,848,503 14,201,630 7,348,092,511 5,055,666,850 73,514,560 582,592,675 13,996,291 5,578,741,256 1,769,351,255
Total (A+B) 9,297,290,088 747,738,582 52,859,891 46,028,045 10,038,196,823 5,625,836,061 73,514,560 649,859,619 27,218,654 6,229,399,774 3,808,797,050
India Operation 29,790,601 4,454,130 - - 34,244,731 22,649,109 - 2,373,046 - 25,022,155 9,222,576
Sub total 29,790,601 4,454,130 - - 34,244,731 22,649,109 - 2,373,046 - 25,022,155 9,222,576
Computer Software 785,869,081 101,890,785 - 1,044,175 888,804,041 20.00 678,546,703 339,513 166,253,929 1,030,847 845,491,966 43,312,075
Sub total 785,869,081 101,890,785 - 1,044,175 888,804,041 20.00 678,546,703 339,513 166,253,929 1,030,847 845,491,966 43,312,075
Balance as at 31 December 2023 10,112,949,769 854,083,497 52,859,891 47,072,220 10,961,245,596 - 6,327,031,873 73,854,073 818,486,594 28,249,500 7,099,913,894 3,861,331,701
Balance as at 31 December 2022 9,119,040,940 1,037,691,295 43,785,954 121,890 10,113,068,171 - 5,456,072,169 11,115,859 881,064,783 1,104,550 6,327,125,643 3,785,942,528
SONALI BANK PLC
Schedule of Fixed Assets on Cost Basis
Annexure -E
Cost value Depreciation/Amortization
Written
Opening Disposals/ Rate Disposals/ Total downvalue
Particulars Addition Total Opening Charged
balance adjustments of adjustments balance as at
during the balance as at balance as at during the
as at during the Dep. during the as at 31.12.2023
year 31.12.2023 01.01.2023 year
01.01.2023 year (in %) year 31.12.2023
Premises 1,921,286,125 - - 1,921,286,125.00 2.50 453,092,333 - 57,335,091 510,427,424 1,410,858,702
Building Construction 404,673,972 59,485,641 11,388 464,148,225.23 - - - - - 464,148,225
Sub total 2,325,960,097 59,485,641 11,388 2,385,434,350 453,092,333 - 57,335,091 510,427,424 1,875,006,927
B) Dead Stock
Furniture 1,525,892,661 138,213,785 9,022,494 1,655,083,952 10.00 946,290,554 11,779,076 119,990,463 1,054,501,941 600,582,011
Electric Installation 1,399,185,457 125,709,606 7,878,234 1,517,016,829 20.00 1,075,737,361 9,457,998 140,453,443 1,206,732,805 310,284,024
Computer Hardware 2,863,078,297 393,526,067 23,954,463 3,232,649,900 20.00 2,348,279,085 40,286,653 266,154,559 2,574,146,991 658,502,908
Type Writer Machine 5,608,372 - 68,299 5,540,073 20.00 5,579,546 56,572 13,774 5,536,749 3,324
Motor Car & Other Vehicle 650,873,907 - 9 650,873,898 20.00 466,424,039 9,257 44,981,919 511,396,701 139,477,197
Library 13,892,021 124,112 - 14,016,134 7.00 7,528,644 - 1,385,423 8,914,067 5,102,066
Sub total 6,458,530,714 657,573,570 40,923,499 7,075,180,785 4,849,839,230 61,589,556 572,979,581 5,361,229,255 1,713,951,530
Total (A+B) 8,784,490,811 717,059,211 40,934,887 9,460,615,135 5,302,931,563 61,589,556 630,314,672 5,871,656,679 3,588,958,456
India Operation 29,790,601 4,454,130 - 34,244,731 22,649,109 - 2,373,046 25,022,155 9,222,576
Sub total 29,790,601 4,454,130 - 34,244,731 22,649,109 - 2,373,046 25,022,155 9,222,576
Computer Software 771,878,082 80,369,931 - 852,248,013 20.00 664,943,127 339,513 164,156,022 828,759,636 23,488,377
Sub total 771,878,082 80,369,931 - 852,248,013 664,943,127 339,513 164,156,022 828,759,636 23,488,377
ANNUAL REPORT 2023

Balance as at 31 December 2023 9,586,159,495 801,883,272 40,934,887 10,347,107,880 5,990,523,798 61,929,069 796,843,740 6,725,438,470 3,621,669,410
Balance as at 31 December 2022 8,678,903,391 949,342,357 42,086,254 9,586,159,495 5,153,477,180 32,139,655 869,186,273 5,990,523,798 3,595,635,696
349
SONALI BANK PLC
SONALI BANK PLC

Schedule of Tax Position
Annexure -F
Tax assessment of Sonali Bank PLC. has been completed and settled up to the assessment year 2002-2003 (Income year up to 2001) resulting tax
refund of Tk. 426,30,48,032 in favour of the Bank. As regards the latest status of the tax assessments for the income years 2022 is not yet finalised
by the tax department. The Bank has submitted I.T. Returns showing a loss of Tk. (8,42,80,54,114) for the income year 2022 i.e. assessment years
2023 - 2024 respectively. The loss shown by the bank is inclusive of claims of Bad Debts written off and others. In the income years 1996,1997
1998, 2000, 2001, 2002, 2003, 2004, 2005, 2006,2007, 2008, 2009, 2010, 2011, 2012, 2013, 2014, 2015, 2016 and 2017 the tax department did
not accept the claim of Bad Debt written off, Provision for Ex-gratia, Provision for NOSTRO A/C., Provision for other Assets, Interest on securities
etc. against which the bank has filed Reference Application to the Honorable High Court.
Detail of Tax assessment
Tax
Income Assessment Provision Assessment Assessed Tax Payment of Refundable/
Present Status Remarks
Year Year as per made by Liabilities Total Tax (Payable)
Accounts
Year Year Advance Tax
1992 1993-94 Nil DCT Settled Nil 97,895,171 - -
1996 1997-98 Nil DCT Reference Application to the High Court Nil 359,391,548 - -
1998 1999-2000 Nil DCT Reference Application to the High Court Nil 442,119,323 442,119,323 -
1999 2000-01 Nil DCT Settled Nil 600,818,273 600,818,273 -
2001 2002-03 Nil DCT Reference Application to the High Court Nil 1,135,489,757 1,135,489,757 -
2002 2003-04 Nil DCT Reference Application to the High Court 898,521,314 712,587,221 185,934,093 -
2003 2004-05 Nil DCT Reference Application to the High Court 2,414,610,301 588,000,560 1,826,609,741 -
2004 2005-06 Nil DCT Reference Application to the High Court Nil 518,028,392 229,799,947 -
2005 2006-07 Nil DCT Reference Application to the High Court 378,072,785 438,169,963 (60,097,178) -
2007 2008-09 Nil DCT Reference Application to the High Court 2,010,803,744 1,218,137,968 792,665,776 -
Reference Application to the High
2008 2009-10 Nil DCT 1,197,242,382 147,214,400 1,344,456,782 -
Court.
2010 2011-12 Nil DCT Reference Application to the High Court 4,510,670,452 1,118,523,981 3,392,146,471 -
Reference Application to the
2014 2015-16 199,401,664 DCT 927,786,216 2,688,870,549 (1,761,084,333) -
High Court
2015 2016-17 197,184,155 DCT 4,298,101,965 3,152,828,934 1,145,273,031 -
High Court
2016 2017-18 416,118,748 DCT 2,993,313,144 2,993,172,196 140,948 -
High Court
2017 2018-19 438,638,021 DCT 5,901,785,847 2,732,682,064 3,169,103,783 -
High Court
2018 2019-20 451,869,948 DCT Appellate Tribunal 8,034,647,856 2,464,275,972 5,570,371,884 -
2021 2022-23 511,509,649 DCT CT Appeal 3,408,344,689 3,259,503,729 148,840,960.00 -
2022 2023-24 566,066,371 - Not yet assessed - 3,262,628,857 - -
2023 2024-25 712,875,418

SONALI BANK PLC
Statement of Non-Income Generating Other Assets
Annexure -G
2023 2022
Particulars
Taka Taka
DOMESTIC BRANCHES
Stamps in hand 11,821,067 11,423,327
Stationery in hand 225,238,274 161,426,583
Branch Adjustment 11,951,791,048 18,905,171,876
Settlement A/C (Islami) - 610,478,202
SBL Employee PDCRB fund Investment - 520,704,230
SBL Employee Pension fund Investment - 393,591,776
SBL Employees Benevolent fund Investment 178,417,953 159,525,776
Suspense A/C 164,178,388 175,079,664
Income Tax Deducted at source 31,515,354,031 28,952,668,659
Demand Draft Paid in Ex-Advice 46,418,634 47,569,597
Govt. Demand Draft Paid in Ex-Advice 1,331,466 1,337,304
Deferred Tax assets 19,851,485,179 22,977,646,836
Demand Drafts purchased 207,266,304 262,195,043
Protested Bills 288,450,911 289,179,711
BRDB UCCA Crop Loans Int. & Panel int. Exmpt.-2007 511,283,719 511,283,719
Pension Bill Purchased (Army) 2,841,089,835 3,077,516,185
Pension Bill Purchased (Civil) 78,100,785 91,641,088
Army Pension Bill Purchases A/C New 2,748,377,803 7,824,410,537
Sanchaypatra Encashment Account 5,989,537,903 6,840,012,531
Loan Exemption Under J.S Reform Proj.94-95 5,094,543,083 5,094,543,083
Advance Payment of Income Tax 8,976,323,815 8,776,323,815
Advance Rent, Advertisement etc. 22,647,968 44,239,262
Adjusted Account Debit balance 1,126,939,547 1,018,362,815
Agri- Exemption A/C Affected By River Erosion 99,557,837 99,557,837
Preliminary Expenses - HR Recruitment A/C 10,796,452 26,440,016
ATM Settlement Account Debit Balance 125,466,519 327,647,410
SECI Settlement Account Debit Balance 67,038,487 67,038,487
Clearing Settlement Account Debit Balance 12,306,115 25,861,925
Govt. Transaction Settlement Account Debit Balance 14,584,418,284 16,703,903,296
Placement With Solicitation Account 216,899,183 193,677,713
Kallyan Bhata (DDP) Reimbursement New 23,417,749 -
Wage Earners' Bond Encashment A/C. 3,812,461,729 2,982,706,761
Mobile Financial Services Link Settlement Account Debit Balance 30,199,414 8,122,220
Receivable from Govt. Under Savings Certificate Issued to Workers
1,498,067,711 3,051,881,090
of BJMC against Retirement Benefit
Islamic Banking Window 148,998,865 122,596,564
Others Assets of India operation 348,762,487 899,402,226
FET Settlement Account Debit Balance - 1,053,455,853
Bank POS Settlement Account Debit Balance 485,200 39,700
SPG Settlement Account Debit Balance - 578,304,123
Tap Link Settlement Account Debit Balance - 1,336
Imprest Receivable A/C from B.B against W.E.R - 250,374,410
Pre Paid Expenses 1,121,869 -
Total 112,810,595,612 133,137,342,586

SONALI BANK PLC
SONALI BANK PLC

Investment in Shares (Quoted and Unquoted)
Annexure -H
No. of Cost Value Total Cost Market Price Total Market
Particulars
Shares Per Share Value per Share Value
1 2 3 4=(2*3) 5 6=(2*5)
Investment in Shares (Quoted)
Bank & NBFI
ABBANK 3,102,713 49.78 154,454,475 9.70 30,096,316
ALARABANK 2,164,043 25.22 54,585,158 23.70 51,287,819
ATLASBANG 484,045 135.85 65,755,339 104.20 50,437,489
BANKASIA 2,725,000 19.86 54,105,148 20.20 55,045,000
BAYLEASING 714,816 96.80 69,196,702 23.90 17,084,102
CITYBANK 5,185,035 30.13 156,221,646 21.40 110,959,749
DHAKABANK 3,355,933 20.80 69,813,196 12.50 41,949,163
DUTCHBANGL 843,875 72.19 60,922,680 59.10 49,873,013
EXIMBANK 5,125,000 19.40 99,411,400 10.40 53,300,000
FIRSTSBANK 6,548,850 11.38 74,513,252 8.90 58,284,765
IDLC 1,755,472 67.13 117,843,227 46.50 81,629,448
IFIC 4,305,000 16.94 72,916,720 11.20 48,216,000
ISLAMIBANK 44,230 31.97 1,413,923 32.60 1,441,898
JAMUNABANK 1,689,775 20.10 33,972,496 20.90 35,316,298
LANKABAFIN 3,820,000 40.97 156,490,739 26.00 99,320,000
MERCANBANK 7,057,985 19.00 134,074,043 13.30 93,871,201
MTB 1,573,000 18.04 28,370,481 15.50 24,381,500
NBL 6,796,413 22.22 151,031,427 8.30 56,410,228
NCCBANK 5,682,755 21.86 124,202,816 13.10 74,444,091
ONEBANKLTD 8,463,569 18.70 158,255,995 9.50 80,403,906
PREMIERBAN 3,159,720 12.49 39,472,709 13.20 41,708,304
PRIMEBANK 4,600,000 23.36 107,467,344 21.00 96,600,000
SHAHJABANK 5,759,086 24.02 138,314,134 18.30 105,391,274
SOUTHEASTB 5,416,416 28.43 153,986,522 13.30 72,038,333
STANDBANKL 3,528,357 15.72 55,459,995 8.60 30,343,870
UCB 7,003,631 17.04 119,349,996 12.40 86,845,024
UNITEDFIN 701,325 39.02 27,362,446 15.80 11,080,935
UTTARABANK 6,448,615 24.06 155,127,090 22.30 143,804,115
UTTARAFIN 594,227 136.41 81,058,297 33.80 20,084,873
ICB 60,717,643 15.04 913,424,500 85.50 5,191,358,477
EBL 24,413,554 7.05 172,131,832 29.40 717,758,488
ICBIBANK 5,418,100 10.00 54,181,000 5.40 29,257,740
Sub-Total 199,198,183 3,854,886,728 7,660,023,415
Insurance
BGIC 513,476 69.70 35,789,277.20 50.00 25,673,800
KARNAPHULI 618,360 79.76 49,321,630.94 36.90 22,817,484
PEOPLESINS 99,655 93.41 9,308,773.55 35.60 3,547,718
Sub-Total 1,231,491 94,419,682 52,039,002

Particulars
1 2 3 4=(2*3) 5 6=(2*5)
Fuel and Power
AOL 222,500 37.61 8,368,229 36.50 8,121,250
BARKAPOWER 1,000,000 29.97 29,974,573 21.30 21,300,000
DESCO 1,668,720 104.59 174,531,425 36.60 61,075,152
DOREENPWR 208,544 60.30 12,576,147 61.00 12,721,184
JAMUNAOIL 1,382,490 171.98 237,761,736 168.50 232,949,565
LINDEBD 10,000 1,309.55 13,095,502 1,397.70 13,977,000
MJLBD 2,136,000 93.81 200,373,318 86.70 185,191,200
MPETROLEUM 829,500 196.98 163,391,734 198.60 164,738,700
NAVANACNG 536,429 132.87 71,275,881 24.50 13,142,511
PADMAOIL 926,000 216.44 200,421,119 209.20 193,719,200
SAIFPOWER 1,050,000 32.95 34,597,500 29.70 31,185,000
SUMITPOWER 1,300,000 54.13 70,362,531 34.00 44,200,000
TITASGAS 1,284,361 39.80 51,116,412 40.90 52,530,365
UPGDCL 404,500 276.26 111,748,067 233.70 94,531,650
NATOXG 1,305 100.00 130,500 100.00 130,500
Sub Total 12,960,349 1,379,724,674 1,129,513,276
Manufacture & Others
ACI 357,659 237.71 85,017,513 260.20 93,062,872
ACIFORMULA 391,420 159.01 62,238,716 155.00 60,670,100
AGNISYSL 386,500 25.21 9,742,617 23.70 9,160,050
ARGONDENIM 1,509,694 24.39 36,824,106 18.20 27,476,431
BATBC 666,521 601.86 401,151,971 518.70 345,724,443
BBS 100,000 25.95 2,595,080 21.60 2,160,000
BBSCABLES 1,135,575 71.10 80,739,706 49.90 56,665,193
BENGALWTL 576,063 34.00 19,588,446 24.60 14,171,150
BERGERPBL 27,735 1,749.51 48,522,550 1,774.00 49,201,890
BEXIMCO 100,000 74.64 7,464,000 115.60 11,560,000
BPML 162,993 73.94 12,051,640 61.00 9,942,573
BSC 209,500 129.78 27,189,713 107.00 22,416,500
BSCCL 345,500 221.48 76,520,246 218.90 75,629,950
BXPHARMA 478,348 216.13 103,387,417 146.20 69,934,478
CONFIDCEM 320,250 148.28 47,488,190 89.00 28,502,250
EHL 102,500 106.01 10,865,906 86.40 8,856,000

GENNEXT 1,132,000 7.31 8,274,920 6.10 6,905,200
GHAIL 1,900,000 28.04 53,271,003 17.50 33,250,000
GP 541,000 352.05 190,459,484 286.60 155,050,600
HEIDELBERG 330,000 382.00 126,061,279 239.50 79,035,000

IBNSINA 128,200 286.69 36,753,812 286.60 36,742,120
IFADAUTOS 845,825 99.64 84,280,588 44.10 37,300,883
ITC 370,298 37.91 14,037,524 37.00 13,701,026
KTL 99,000 40.17 3,976,652 23.70 2,346,300

SONALI BANK PLC

Particulars
1 2 3 4=(2*3) 5 6=(2*5)
LHBL 1,931,500 81.33 157,096,171 69.30 133,852,950
LRBDL 157,000 38.18 5,994,325 35.10 5,510,700
MIRAKHTER 199,950 54.13 10,822,414 50.80 10,157,460
MLDYING 100,000 36.28 3,628,458 24.80 2,480,000
OIMEX 1,502,482 38.28 57,510,331 20.30 30,500,385
OLYMPIC 668,490 193.01 129,025,609 152.00 101,610,480
RAKCERAMIC 1,815,000 62.49 113,419,350 42.90 77,863,500
RENATA 48,063 1,169.32 56,201,099 1,217.90 58,535,928
ROBI 500,000 42.60 21,298,085 30.00 15,000,000
SALAMCRST 340,000 37.93 12,896,574 33.30 11,322,000
SAPORTL 434,169 100.68 43,711,638 27.20 11,809,397
SHASHADNIM 1,050,000 38.40 40,321,728 27.00 28,350,000
SILCOPHL 375,510 23.88 8,968,917 23.40 8,786,934
SINGERBD 400,000 193.47 77,388,840 151.90 60,760,000
SKTRIMS 310,888 34.36 10,683,283 30.50 9,482,084
SQURETEXT 65,000 74.23 4,825,197 67.50 4,387,500
SQURPHARMA 2,396,853 222.26 532,726,417 209.80 502,859,759
UNILEVERCL 600 1,784.28 1,070,567 2,019.20 1,211,520
UNIQUEHRL 328,799 58.03 19,078,777 56.70 18,642,903
WMSHIPYARD 626,623 19.33 12,109,848 12.60 7,895,450
AFTABAUTO 2,279,347 72.28 164,740,498 30.00 68,380,410
ASHRAFTEX 364,582 10.00 3,645,820 10.00 3,645,820
AZADIPRINT 756 100.00 75,600 100.00 75,600
BCIL 2,960 100.00 296,000 100.00 296,000
NILOYCEM 98 100.00 9,800 100.00 9,800
ROSEHEAV 4,327 15.00 64,905 15.00 64,905
Sub Total 28,119,578 3,036,113,329 2,422,956,491
Grand total 241,509,601 8,365,144,413 11,264,532,185
Special Purpose Fund (SBLSF) Holding Position as on 31-12-2023
Bank and NBFI
DUTCHBANGLA 549,862 76.96 42,318,904 59.10 32,496,844
Sub Total 549,862 42,318,904 32,496,844
Fuel and Power
JAMUNAOIL 27,000 177.63 4,795,925 168.50 4,549,500
LINDEBD 12,000 1,439.10 17,269,143 1,397.70 16,772,400
MJLBD 420,000 102.64 43,109,524 87.10 36,582,000
MPETROLEUM 261,000 199.44 52,054,459 198.60 51,834,600
PADMAOIL 150,000 213.20 31,980,013 209.20 31,380,000
SPCL 324,480 114.42 37,126,097 65.50 21,253,440
Sub Total 1,194,480 186,335,161 162,371,940
Manufacture & Others
ACMELAB 355,000 105.14 37,323,511 85.00 30,175,000
BATBC 50,000 719.63 35,981,371 518.70 25,935,000
BBSCABLES 318,150 72.42 23,039,602 49.90 15,875,685
BERGERPBL 44,976 1,775.38 79,849,359 1,774.00 79,787,424
BXPHARMA 300,000 247.89 74,366,345 146.20 43,860,000

Particulars
1 2 3 4=(2*3) 5 6=(2*5)
SQURPHARMA 300,000 238.00 71,399,672 210.30 63,090,000
SUB TOTAL 1,368,126 321,959,859 258,723,109
Grand total 3,112,468 550,613,924 453,591,893
Total Quoted 244,622,069 8,915,758,337 11,718,124,078
Investment in Shares (Unquoted)

Bank and NBFI
Grameen Bank 30,000 100.00 3,000,000 100.00 3,000,000
IIDFC 13,380,903 4.41 59,000,260 4.41 59,000,260
Karmasangthan Bank 2,600,000 100.00 260,000,000 100.00 260,000,000
Pubali Bank (former) 51,022 10.00 510,220 10.00 510,220
Padma Bank 165,000,000 10.00 1,650,000,000 10.00 1,650,000,000
Sub Total 181,061,925 1,972,510,480 1,972,510,480
Manufacturing
Allied Pharma Ltd. 1,000,000 10.00 10,000,000 10.00 10,000,000
S. Jute Yarn & Twine 33,790 10.00 337,900 10.00 337,900
Sub Total 1,033,790 10,337,900 10,337,900
Others
Bangladesh Fund 21,300,000 100.00 2,130,000,000 100.00 2,130,000,000
BCBL 1,125,000 100.00 112,500,000 100.00 112,500,000
CDBL 8,968,456 14.55 130,485,900 14.55 130,485,900
Orion Infrastructures 1,500,000,000 10.00 1,500,000,000 10.00 1,500,000,000
BHL 76,923,100 65.00 5,000,001,500 65.00 5,000,001,500
Paper Convert & Pack 5,000 100.00 500,000 100.00 500,000
Sub Total 1,608,321,556 8,873,487,400 8,873,487,400
Total Unquoted 1,790,417,271 10,856,335,780 10,856,335,780
Grand total 2,035,039,340 19,772,094,117 22,574,459,858
Required Provision
Provision Required on Quoted Share -
Provision Required on Unquoted Share 2,735,443,087
Provision Required on Mutual Fund 232,284,016
Total Required Provision 2,967,727,103

SONALI BANK PLC
SONALI BANK PLC

Highlights on the Overall Activities
Annexure -I
SL Particulars 2023 2022
No. Taka Taka
1 Authorized Capital 60,000,000,000 60,000,000,000
2 Paid-up Capital 45,300,000,000 45,300,000,000
3 Total Capital (as per Capital Adequacy) 78,737,268,740 70,510,114,724
4 Capital surplus/(deficit) 580,768,740 381,434,724
5 Capital Adequacy Ratio 10.07% 10.05%
6 Statutory Reserve 18,093,248,941 16,022,482,465
7 Total Assets 1,981,129,661,716 1,789,772,287,480
8 Total Deposits 1,506,183,931,731 1,420,362,931,248
9 Total Investment 623,541,132,682 621,272,573,226
10 Total Contingent Liabilities and Commitments 756,896,892,079 766,878,369,879
11 Advance Deposit Ratio 66.93% 59.59%
12 Credit Deposit Ratio 108.33% 103.33%
13 Total Import 467,313,100,000 436,769,200,000
14 Total Export 20,214,700,000 25,988,400,000
15 Operating Profit 38,461,879,316 23,823,065,601
16 Profit after tax and provision 6,514,795,305 3,710,424,318
17 Total Loans and Advances 1,008,052,677,732 846,430,234,911
18 Amount of Classified Loans 133,409,773,383 125,536,736,470
19 Percentage of Classified Loans and Advances 13.23% 14.83%
20 Provisions kept against Classified Loans 90,339,690,586 72,386,491,553
21 Provision surplus/(deficit) - -
22 Cost of Fund 5.52% 4.87%
23 Income from Investment 45,794,880,461 31,638,742,551
24 Interest Earning Assets 1,587,625,567,333 1,407,049,262,706
25 Non-Interest Earning Assets 393,504,094,382 382,723,024,775
26 Return on Investment (ROI) 7.36% 4.83%
27 Return on Asset (ROA) 0.35% 0.21%
28 Return on Equity (ROE) 7.77% 4.70%
29 Earnings per Share (EPS) 14.38 8.19
30 Net assets value per share (NAVPS) 191.08 179.23
31 Price Earning Ratio N/A N/A
32 Net Operating Income per Share 84.90 52.59

TO THE SHAREHOLDERS OF
SONALI INVESTMENT LIMITED
Opinion In preparing the financial statements, management

is responsible for assessing the Company’s ability to
We have audited the financial statements of SONALI continue as a going concern, disclosing, as applicable,
INVESTMENT LIMITED (the company) which comprise matters related to going concern and using the going
the Statement of Financial Position as at 31 December concern basis of accounting unless management either
2023 and the Statement of Profit or Loss and Other intends to liquidate the Company or to cease operations,
Comprehensive Income, Statement of Changes in or has no realistic alternative but to do so.
Equity and Statement of Cash Flows for the year then
ended, and notes to the financial statements, including Those charged with governance are responsible for
a summary of significant accounting policies. overseeing the Company’s financial reporting process.
our opinion, the accompanying financial statements

In Auditor’s Responsibilities for the Audit of the Financial
give a true and fair view of the financial position of the Statements
Company as at 31 December 2023, and of its financial
Our objectives are to obtain reasonable assurance
performance and its cash flows for the year then ended
about whether the financial statements as a whole
in accordance with International Financial Reporting
are free from material misstatement, whether due
Standards (IFRSs). to fraud or error, and to issue an auditor’s report that
includes our opinion. Reasonable assurance is a high
Basis for Opinion
level of assurance, but is not a guarantee that an audit
We conducted our audit in accordance with International conducted in accordance with ISAs will always detect a
Standards on Auditing (ISAs). Our responsibilities under material misstatement when it exists. Misstatements can
those standards are further described in the Auditor’s arise from fraud or error and are considered material if,
Responsibilities for the Audit of the Financial Statements individually or in the aggregate, they could reasonably
section of our report. We are independent of the be expected to influence the economic decisions of
Company in accordance with the International Ethics users taken on the basis of these financial statements.
Standards Board for Accountants’ Code of Ethics for As part of the audit in accordance with ISAs, we exercise
Professional Accountants (IESBACode), and we have professional judgement and maintain professional
fulfilled our other ethical responsibilities in accordance skepticism throughout the audit. We also:
with the IESBA Code and the Institute of Chartered
Accountants of Bangladesh (ICAB)Bye Laws. We believe • Identify and assess the risks of material misstatement
that the audit evidence we have obtained is sufficient of the financial statements, whether due to fraud
and appropriate to provide a basis for our opinion. or error, design and perform audit procedures
responsive to those risks, and obtain audit evidence
Other Matter that is sufficient and appropriate to provide a
basis for our opinion. The risk of not detecting a
The company has already submitted the annual return to material misstatement resulting from fraud is higher
the Register of Joint Stock Companies & Firms (RJSC), than for one resulting from error, as fraud may
but the updated Schedule-X and Form-XII have not yet involve collusion, forgery, intentional omissions,
been received. misrepresentations, or the override of internal
control.
Responsibilities of Management and Those Charged
with Governance for the Financial Statements • Obtain an understanding of internal control relevant
to the audit in order to design audit procedures
Management is responsible for the preparation of
that are appropriate in the circumstances, but not
financial statements that give a true and fair view in for the purpose of expressing an opinion on the
accordance with IFRSs, the Companies Act 1994 and effectiveness of the Company’s internal control.
other applicable laws and regulations and for such
internal control as management determines is necessary • Evaluate the appropriateness of accounting policies
to enable the preparation of financial statements that used and the reasonableness of accounting
are free from material misstatement, whether due to estimates and related disclosures made by
fraud or error. management.

SONALI BANK PLC
• Conclude on the appropriateness of management’s planned scope and timing of the audit and significant
use of the going concern basis of accounting and, audit findings, including any significant deficiencies
based on the audit evidence obtained, whether in internal control that we identify during our audit.
a material uncertainty exists related to events or
conditions that may cast significant doubt on the Report on Other Legal and Regulatory Requirements
Company’s ability to continue as a going concern. If
In accordance with the Companies Act 1994, we also
we conclude that a material uncertainty exists, we are
report that:
required to draw attention in our auditor’s report to the
related disclosures in the financial statements or, if such a) We have obtained all the information and
disclosures are inadequate, to modify our opinion. Our explanation which to the best of our knowledge
conclusions are based on the audit evidence obtained and belief were necessary for the purpose of
up to the date of our auditor’s report. However, future our audit and made due verification thereof;
events or conditions may cause the Company to cease
to continue as a going concern. b) In our opinion, proper books of accounts
required by law have been kept by the Company
• Evaluate the overall presentation, structure and so far as it appeared from our examinations of
content of the financial statements, including the those books; and
disclosures, and whether the financial statements
represent the underlying transactions and events in c) The statement of financial position and
a manner that gives a true and fair view. statement of profit of loss and other
comprehensive income together with the
We communicate with those charged with annexed notes dealt with by the report are in
governance regarding, among other matters, the agreement with the books of account.
Md. Abdus Satter Sarkar, FCA

ICAB Enrolment No. 1522
Partner
Mahfel Huq & Co.,
Place: Dhaka Firm Registration No. P-46323
Date: 28 March 2024 DVC: 2404221522AS666252

Statement of Financial position
Amount in Taka
Particulars Notes
2023 2022
Assets
Non-Current Assets
Property, Plant & Equipment 4.00 2,856,322 2,235,542
Investment in Shares 5.00 2,803,042,885 1,916,282,697
2,805,899,207 1,918,518,238
Current Assets:
Portfolio Loan to Investors 6.00 2,668,165,697 2,506,547,513
Loan (stuff), Advance, Deposit and Prepayments 7.00 3,225,000 3,525,000
Advance Income Tax 8.00 35,839,080 81,097,192
Other Assets 9.00 7,584,175 6,639,930
Other Receivables 10.00 45,546,576 19,934,892
Cash and Cash Equivalents 11.00 114,765,696 147,816,292
2,875,126,223 2,765,560,819
Total Assets 5,681,025,430 4,684,079,057
Equity & Liabilities
Capital and Reserves
Share Capital 12.00 2,289,000,000 2,180,000,000
Retained Earnings 13.00 355,526,817 330,584,872
2,644,526,817 2,510,584,872
Non-Current Liabilities
Long Term Loan from Sonali Bank PLC 14.00 387,000,000 310,000,000
Current Liabilities & Provision:

Short Term Loan from Sonali Bank PLC 15.00 1,650,000,000 870,000,000
Portfolio Deposit Control Accounts 16.00 32,768,483 31,434,307
Payable for Client Sale 16.01 7,469,980 1,560,144
Liabilities for Expenses 17.00 56,990,190 38,696,564
Other Liabilities 18.00 405,866,533 380,155,621
Provision Against Portfolio Margin Loan 19.00 389,011,538 389,011,538
Provision Against Investment in Shares 20.00 83,296,334 83,296,334
Liabilities for Income Tax 21.00 24,095,556 69,339,677
2,649,498,614 1,863,494,185
Total Equity and Liabilities 5,681,025,430 4,684,079,057
The annexed notes form an integral part of these financial statements.
Signed in terms of our separate report of even date annexed.

ICAB Enrollment No: 1522
Partner
Place: Dhaka Mahfel Huq & Co.
Date: 28 March 2024 Chartered Accountants
DVC: 2404221522AS666252

SONALI BANK PLC

Statement of Profit or Loss and Other Comprehensive Income
Amount in Taka
Particulars Notes
2023 2022
Operating Income
Interest Income 22.00 121,442,045 102,548,599
Interest Expenses 23.00 (104,191,166) (70,587,343)
Net Interest Income 17,250,880 31,961,256
Capital Gain/(Loss) on Sale of Shares (Own Portfolio) 144,692,829 188,487,983
Dividend Income 24.00 48,718,278 52,707,771
Fees and Commission Income 25.00 17,182,885 29,842,747
Other Operating Income 26.00 71,650 110,250
Total Operating Income (A) 227,916,522 303,110,007
Operating Expenses :
Salaries & Allowances 27.00 28,887,312 28,899,348
Rent, Rates, Insurance, Lighting 28.00 10,148,738 9,978,693
Postage, Telephone and Stamp 29.00 119,514 109,651
Stationery, Printing & Advertisement 30.00 349,146 291,711
Directors Fees & Honorarium 31.00 405,000 368,000
Repairs & Maintenance 32.00 268,201 406,592
Other Operating Expenses 33.00 5,756,688 6,089,381
CDBL Charges 1,532,989 1,484,713
Depreciation 4.02 538,805 348,425
Total Operating Expenses (B) 48,006,392 47,976,514
Non-Operating Income ( C ) 26.02 44,162 10,397
Profit Before Provision (A-B+C) 179,954,291 255,143,890
Other Provision 17.01 - 1,000,000
Profit Before Tax 179,954,291 254,143,890

Income Tax Expense
Current Tax Expenses 34.00 (25,208,595) (33,397,533)
Deferred Tax 35.00 996,249 (2,778,526)
Net Profit after Tax 155,741,945 217,967,830
Earnings per Share 36.00 0.68 1.00
Signed in terms of our separate report of even date annexed

ICAB Enrollment No: 1522
Partner
Mahfel Huq & Co.
Place: Dhaka Chartered Accountants
Date: 28 March 2024 DVC: 2404221522AS666252

Amount in Taka
Particulars Share Capital Retained Earnings Total Equity
Balance as on 01.01.2023 2,180,000,000 330,584,872 2,510,584,872

Cash dividend paid during the year - (21,800,000) (21,800,000)
Bonus share issued during the year 109,000,000 (109,000,000) -
Net Profit after Tax - 155,741,945 155,741,945
Balance as at 31.12.2023 2,289,000,000 355,526,817 2,644,526,817

Amount in Taka
Particulars Share Capital Retained Earnings Total Equity
Balance as on 01.01.2022 2,000,000,000 312,617,042 2,312,617,042

Cash Dividend Paid during the year - (20,000,000) (20,000,000)
Bonus Share issued during the year 180,000,000 (180,000,000) -
Net Profit after Tax - 217,967,830 217,967,830
Balance as at 31.12. 2022 2,180,000,000 330,584,872 2,510,584,872
Place: Dhaka
Date: 28 March 2024

SONALI BANK PLC

Statement of Cash Flows
Amount in Taka
Particulars Notes
2023 2022
Cash flows from operating activities
Receipts from interest income 121,442,045 102,548,599
Prior year adjustment 62,007 -
Receipts from other income 210,709,802 271,159,147

38.00
Payments to suppliers, employees & others (83,224,320) (153,823,927)

39.00
Net cash generated by operating activities (A) 248,989,534 219,883,819
Cash flows from investing activities

(Payments)/Receipts for property, plant and equipment (1,169,588) (2,069,517)
Payments for investment in shares (886,760,187) (249,842,683)
(Increase)/Decrease in margin loan (161,618,185) (337,044,887)
Net cash (used)/generated by investing activities (B) (1,049,547,959) (588,957,087)
Cash flows from financing activities
Proceeds from SBL loans 857,000,000

270,003,487
Finance cost recognized in profit and loss (67,692,171) (50,818,937)
Dividend Paid to shareholders (21,800,000) (20,000,000)
Net cash used in financing activities ( C) 767,507,829 199,184,550
Net increase in cash and cash equivalents (A+B+C) (33,050,596) (169,888,718)

Cash and cash equivalents at the beginning of the year 147,816,292 317,705,010
Cash and cash equivalents at the end of the year 114,765,696 147,816,292
Place: Dhaka
Date: 28 March 2024

Notes to the Financial Statements
As at and for the year ended 31 December 2023
1.0 REPORTING ENTITY
1.01 LEGAL STATUS AND NATURE OF THE COMPANY

Sonali Investment Limited was registered under the Companies Act 1994 as a Public Company, limited
by shares on 22 April 2010 and commenced its operation from 22 April 2010. The Company obtained
registration from Securities and Exchange Commission as a merchant bank on 28 October 2010. As a part
of the restructuring program of Sonali Bank PLC directive by the Bangladesh Bank as per BRPD Circular no.
12 on 14 October 2009, Sonali Investment Limited has been established as a subsidiary of Sonali Bank PLC
to conduct merchant banking activities and play active role in the Capital Market of Bangladesh.
1.02 REGISTERED OFFICE
The registered office of the Company is located at Borak Biz Center (1st & 2nd floor), 70, Dilkusha C/A,
Dhaka.
1.03 PRINCIPAL ACTIVITIES
The major activities of the Company are portfolio management, margin loan account, issue management,
underwriting, equity & entrepreneurship fund consultancy and other services as required by clients.
2.00 BASIS OF PREPARATION AND PRESENTATION FINANCIAL STATEMENTS

2.01 STATEMENT OF COMPLIANCE
The Financial Statements have been prepared under Historical Cost Convention as a Going Concern. All
expenditure is recognized on accrual basis and all income is recognized on cash basis except for interest
on Margin Loan.
2.02 REGULATORY COMPLIANCES

As required, Sonali Investment Limited complies with the following major legal provisions in addition to the
Companies Act 1994 and other applicable laws and regulations:
a. Bangladesh Securities & Exchange Commission Rules and Regulations;

b. The income tax act 2023; The Income Tax Ordinance 1984;
c. The Income Tax Rules 1984;
d. The Value Added Tax and Supplementary Duty Act 2012;
e. The Value Added Tax and Supplementary Duty Rules 2016;
f. Regulations & Circulars issued by Bangladesh Bank.
2.03 RISK AND UNCERTAINTIES FOR USE OF ESTIMATES IN PREPARATION OF FINANCIAL STATEMENTS
Preparation of Financial Statements in conformity with the International Accounting Standards requires
management to make estimates and assumption that affect the reported amounts of assets and liabilities
and disclosures of contingent assets and liabilities at the date of the Financial Statements and revenues and
expenses during the year then ended.
Actual results could differ from those estimates. Estimates are used for accounting of certain items such as
long-term contracts, depreciation and amortization, employees benefit plans, reserves and contingencies.
2.04 FUNCTIONAL AND PRESENTATIONAL CURRENCY
These financial statements are prepared in Bangladesh Taka (Taka/Tk.) currency, which is the company’s
functional currency. All financial information presented in Taka has been rounded off to the nearest Taka.
2.05 USE OF ESTIMATES AND JUDGMENT
The preparation of these financial statements in conformity with IFRSs requires management to make
judgments, estimates and assumptions that affect the application of accounting policies and the reported
amounts of assets, liabilities, incomes and expenses. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates
are recognized in the period in which the estimates are revised and in any future periods affected.

SONALI BANK PLC
2.06 COMPONENTS OF FINANCIAL STATEMENTS

The presentation of these financial statements is in accordance with the guidelines provided by IAS- 1:
Presentation of Financial Statements. The Financial Statements comprises:
a. Statement of Financial Position as at 31 December 2023;
b. Statement of Profit and Loss or Other Comprehensive Income for the year ended 31 December 2023;
c. Statement of Changes in Equity for the year ended 31 December 2023;
d. Statement of Cash Flows for the year ended 31 December 2023; and
e. Notes, comprising a summary of significant accounting policies and explanatory information.
2.07 REPORTING PERIOD
The financial period of the company covers one year from 01 January 2023 to 31 December 2023 and is
followed consistently.
2.08 DIRECTOR’S RESPONSIBILITY ON FINANCIAL STATEMENTS
The Board of Directors takes the responsibility for the preparation and presentation of these financial
statements.
2.09 COMPARATIVE INFORMATION AND REARRANGEMENT THEREOF
Comparative information has been disclosed for the year 2021 for all numerical information in the financial
statements and also the narrative and descriptive information where it is relevant for understanding of the
current year’s financial statements.
3.0 SIGNIFICANT ACCOUNTING POLICIES
The accounting policies set out below have been applied consistently (otherwise as stated) to all years
presented in these financial statements.
3.01 PROPERTY, PLANT AND EQUIPMENT
3.01.01 RECOGNITION AND MEASUREMENT
Items of property, plant and equipment are measured at cost less accumulated depreciation less impairment
loss, if any. Cost includes expenditure that is directly attributable to the acquisition of asset.
3.01.02 SUBSEQUENT COSTS AND MAINTENANCE ACTIVITIES
The company recognizes in the carrying amount of an item of property, plant and equipment the cost of
replacing part of such an item when the cost is incurred, if it is probable that the future economic benefits
embodied with the item will flow to the company and the cost of the item can be measured reliably. Expenditure
incurred after the assets have been put into operation, such as repair and maintenance is normally charged
off as revenue expenditure in the year in which it is incurred. In situation where it can be clearly demonstrated
that the expenditure has resulted in an increase in the future economic benefit expected to be obtained from
the use of fixed assets, the expenditure is capitalized as an additional cost of the assets. All other costs are
recognized to the profit and loss account as expenses as incurred. All up-gradation/enhancement are generally
charged off as revenue expenditure unless they bring similar significant additional benefits.
3.01.03 SOFTWARE
Software cost less than TK 15,000 is charged as revenue expenditure. Customized software that is integral to
the functionality of the related equipment is capitalized as part of that equipment.
3.01.04 MAINTENANCE ACTIVITIES
The company incurs maintenance cost for all its major items of property, plant and equipment. Repair and
maintenance costs are charged as expenses when incurred.
3.01.05 DEPRECIATION
Depreciation begins when the asset is available for use and continues until the asset is derecognized.
Depreciation is charged to amortize the cost of assets over their estimated useful lives, using reducing
balance method from 2010 to 2013 and from 2014 straight line method in accordance with IAS-16 "Property,
Plant & Equipment". Half yearly basis of depreciation is charged on the additional assets. Depreciation is
charged at the rates varying from 10% to 20% depending on the estimated useful lives of assets as under:
Category Rate of Depreciation

Furniture & Fixtures 10%
Computer & Accessories 20%
Office Equipment 20%
Motor Vehicle 20%
Air Conditioner & Generator 20%
Application of Software 20%
Interior Decoration 20%

3.02 INVESTMENT IN SHARES
Investment in marketable ordinary shares has been shown at cost. Required provision for diminution in value
of shares as at closing of the year on an individual investment basis is made in the financial statements.
3.03 RECEIVABLES
Other receivables at the balance sheet date are stated at amounts which are considered realizable. Specific
allowance is made for receivable considered to be doubtful of recovery.
3.04 ADVANCES, DEPOSITS AND PREPAYMENTS
a. Advances are initially measured at cost. After initial recognition advances are carried at cost less
deductions, adjustments or charges to other account heads such as property, plant and equipment,
inventory or expenses.
b. Deposits are measured at payment value.
c. Prepayments are initially measured at cost. After initial recognition prepayments are carried at cost less
charges to profit and loss account.
3.05 CASH AND CASH EQUIVALENTS
Cash and cash equivalents include notes and coins in hand, cash at banks which are held and available for
use by the company without any restriction.
3.06 PROVISION FOR LIABILITIES
A provision is recognized in the balance sheet when the company has a legal or constructive obligation as
a result of a past event and it is probable that an outflow of economic benefits will be required to settle the
obligations in accordance with the IAS-37 “Provisions, Contingent Liabilities and Contingent Assets”.
3.07 INCOME TAX EXPENSES
The company is a public limited company, limited by share. As per Income Tax Act, 2023 provision for Tax
has been made at the existing rate of 37.5% in respect of business income.
3.07.01 CURRENT TAX
Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or
substantially enacted at the reporting date and any adjustment to tax payable in respect of previous years.
The applicable tax rate for the company is 37.50%. Provision for taxation has been made on the basis of the
Income Tax Act 2023.
3.07.02 DEFERRED TAX
Deferred tax is provided for all temporary differences comprising between the tax base of assets and liabilities
and their carrying amounts in financial statements in accordance with the provision of IAS 12. Deferred tax
is calculated as per IAS -12.
3.08 REVENUE RECOGNITION
3.08.01 INTEREST INCOME
In terms of the provisions of IFRS-15 “Revenue from contract with customer”, the interest income is
recognized on accrual basis.
3.08.02 INVESTMENT INCOME
Interest income on investments is recognized on accrual basis. Capital gain on investments in shares is also
included in investment income. Capital gain is recognized when it is realized,
3.08.03 FEES AND COMMISSION INCOME
Fees and commission income arising on services provided by the company are recognized on cash basis.
3.08.04 DIVIDEND INCOME ON SHARES
Dividend income on shares is recognized during the period when it is received.
3.09 BORROWING COSTS
Borrowing costs comprise interest expense on bank loan and other borrowings. All borrowing costs are
recognized in the profit and loss account.
3.10 STATEMENT OF CASH FLOWS
Since the company is a subsidiary of Sonali Bank PLC. the Cash Flow Statement has been prepared in
conformity with Bangladesh Bank Guideline to facilitate consolidation.
3.11 RELATED PARTY DISCLOSURES
As per IAS-24 “Related Party Disclosures”, parties are considered to be related if one of the parties has the
ability to control the other party or exercise significant influence over the other party in making financial and
operating decisions. The company carried out transactions in the ordinary course of business on an arm’s
length basis at commercial rates with its related parties.

SONALI BANK PLC
Amount in Taka
Notes Particulars
2023 2022
4.00 PROPERTY, PLANT & EQUIPMENT
4.01 Cost:
Opening balance 21,543,729 21,208,912
Add: Prior year adjustment 103 -
Less: Disposal during the year 14 1,734,700
Add: Addition made during the year 1,169,588 2,069,517
Closing balance 22,713,406 21,543,729
4.02 Accumulated Depreciation:

Opening balance 19,308,187 20,694,462
Add: Prior year adjustment 10,106 -
Less: Adjustment for disposal 14 1,734,700
Add: Charged during the year 538,805 348,425
Closing balance 19,857,084 19,308,187
Written down value (Note 4.01-4.02) 2,856,322 2,235,542
(Details of assets are shown under 'Annexure-A')
5.00 INVESTMENT IN SHARES

Opening Balance 1,916,282,697 1,666,440,012
Add: Investment made during the year 3,206,684,466 1,959,541,771
Less: Share sold during the year (2,319,924,277) (1,709,699,086)
Closing Balance 2,803,042,885 1,916,282,697
6.00 PORTFOLIO LOAN TO INVESTORS

Opening Balance 2,506,547,512 2,169,502,626
Add: Charged applied during the year 142,011,610 331,877,104
Add: Loan disbursed during the year 1,417,773,903 1,707,632,747
Less: Loan recovered during the year (1,398,167,328) (1,702,464,965)
Closing Balance 2,668,165,697 2,506,547,512
7.00 LOAN (STAFF), ADVANCE, DEPOSIT AND PREPAYMENTS

Staff Loan (Car Loan) 2,525,000 2,825,000
Security Deposit to CDBL 200,000 200,000
Advance House Rent (Uttara Branch) 500,000 500,000
Total 3,225,000 3,525,000
8.00 ADVANCE INCOME TAX

Opening balance 81,097,192 82,299,026
Add: Paid during the year 25,194,604 67,037,190
Add: Prior year adjustment - -
106,291,796 149,336,216
Less: Adjusted during the year (70,452,716) (68,239,024)
Closing balance 35,839,080 81,097,192
9.00 OTHER ASSETS

Opening Balance 6,639,930 9,418,456
Less: Prior year adjustment 52,004 -
6,587,926 9,418,456
Add: Deferred Tax Assets 996,249 (2,778,526)
Closing balance 7,584,175 6,639,930

Amount in Taka
Notes Particulars
2023 2022
10.00 OTHER RECEIVABLES
Receivable from ISTCL 8,981,441 15,061,702
Receivable from Wifang Securities 506,039 71,407
Receivable from Shahajan Securities 170,500

222,303
Receivable from Lankabangla Securities 18,667,955 1,783,821
Receivable from City Brokerage 10,210,638 2,315,577
A/C Receivable (against Assets Sales) 32,412 32,412
Interest receivable on portfolio loan 6,619,091 135,167
Profit & loss A/C 358,499

312,503
Total 45,546,576 19,934,892
11.00 CASH AND CASH EQUIVALENTS

Cash in Hand - -
Cash at Bank 11.01 114,765,696 147,816,292
Total 114,765,696 147,816,292
11.01 CASH AT BANK

Sonali Bank, Foreign Ex. Corp. Br. 104,376,776 139,540,629
Sonali Bank, Uttara Model Town Br. 5,959,969 3,915,853
Sonali Bank, Mirpur Shilpa Elaka Br. 3,336,952 2,485,911
Sonali Bank, Wage Earners Corp. Br. 1,091,653 1,873,899
Dhaka Bank, Islamic Banking Br. 345 -
Total 114,765,696 147,816,292
12.00 SHARE CAPITAL

Authorized capital
500,000,000 ordinary shares of Tk. 10 each 5,000,000,000 5,000,000,000
Issued, Subscribed & Paid up capital
218,000,000 ordinary shares of Tk. 10 each 2,289,000,000 2,180,000,000
Total 2,289,000,000 2,180,000,000
2023 2022
Percentage
Name of the share holders Percentage
of total Amount
No of shares Amount in Taka No of shares of total share
share in Taka
holdings
holdings
Sonali Bank PLC. Represented
228,899,996 1 2,288,999,960 217,999,995 1 2,179,999,950
by Mr. Md. Afzal Karim
Sanchia Binte Ali 1 0 10 - - -
Mr. Suvash Chandra Das 1 0 10 1 0 10
Mr. Shihab Uddin Ahmed 1 0 10 1 0 10
Mr. Md. Iqbal Hossain 1 0 10 - - -
Mr. Ziaul Hasan Siddique - - - 1 0 10
Mr. Niranjan Chandra Debnath - - - 1 1 10
Mr. Md. Nurun Nabi - - - 1 0 10
Total 228,900,000 1 2,289,000,000 218,000,000 2 2,180,000,000

SONALI BANK PLC
Amount in Taka
Notes Particulars
2023 2022
13.00 Retained Earnings
Opening Balance 330,584,872 312,617,042
Add: Profit after tax during the year 155,741,945 217,967,830
Cash Dividend paid during the year (21,800,000) (20,000,000)
Bonus Share issued during the year (109,000,000) (180,000,000)
Closing Balance 355,526,817 330,584,872
14.00 Long Term Loan from Sonali Bank PLC
Long term loan (Note 14.01) 387,000,000 310,000,000
Total 387,000,000 310,000,000
14.01 Long Term Rin, AC no. 1608943000105

Opening balance 310,000,000 309,998,483
Add: Loan received during the year 104,100,245 23,601,281
Less: Loan repaid during the year (27,100,245) (23,599,763)
Closing Balance 387,000,000 310,000,000
15.00 Short Term Loan from Sonali Bank PLC
Khandakalin Rin 15.01 987,000,000 870,000,000
Temporary Overdraft 15.02 663,000,000 -
1,650,000,000 870,000,000
15.01 Khandakalin Rin, AC no. 1608943000097
Opening Balance 870,000,000 599,998,032
Add: Loan received during the year 398,784,019 330,190,578
Less: Loan repaid during the year (281,784,019) (60,188,610)
Closing Balance 987,000,000 870,000,000
* The loan has been provided by Sonali Bank PLC (Holding Company) for investment in own portfolio.
Khandakalin Rin was approved by Sonali Bank PLC as per Sanction Letter # 3072, dated 19 November
2019. Long Term Loan was approved by Sonali Bank PLC as per Sanction Letter # 1267, dated 06
September 2020 as per Bangladesh Bank DOS Circular no. 01, dated 10 February
The interest amount shall be repaid quarterly each year as per agreement with Sonali Bank PLC.
15.02 Temporary Overdraft, AC no. 1608943000197
Opening balance - -
Add: Loan received during the year 677,079,597 -
Less: Loan repaid during the year (14,079,597) -
Closing Balance 663,000,000 -
* The loan has been provided by Sonali Bank PLC. (Holding Company) for investment in own portfolio.
Khandakalin Rin was approved by Sonali Bank PLC as per Sanction Letter # 3072, dated 19 November
2019. Long Term Loan was approved by Sonali Bank PLC as per Sanction Letter # 1267, dated 06
September 2020 as per Bangladesh Bank DOS Circular no. 01, dated 10 February
The interest amount shall be repaid quarterly each year as per agreement with Sonali Bank PLC.
* Interest rate of Khandakalin Rin is 7.5%
*Interest rate of Temporary Overdraft is 7.5%
* Interest rate of Long Term Loan is 6%
16.00 PORTFOLIO DEPOSIT CONTROL ACCOUNTS

Opening Balance 31,434,307 54,783,712
Add: Deposit/sell during the year 804,853,073 890,318,405
Less : Withdrawal/Fund use during the year (803,518,896) (913,667,810)
Closing Balance 32,768,483 31,434,307
* Portfolio Deposit Control Accounts consists of the credit balance of investors deposit accounts.

Amount in Taka
Notes Particulars
2023 2022
16.01 PAYABLE FOR CLIENT SALE
Opening balance 1,560,144
Add.: Broker adjustment during the period 1,766,317,147
Less: Sell adjustment during the period 1,760,407,311
Clossing balance 7,469,980 1,560,144
17.00 LIABILITIES FOR EXPENSES

Pension fund 2,569,721 2,238,959
Contributory provident fund 10,523,129 8,715,044
Audit fees 80,000 73,000
CCTV/Internet/Intranet 190,000 40,000
House Rent (HO) 569,250 569,250
Service Charge (HO) 37,950 37,950
Electric bill 262,000 120,000
Telephone bill 10,000 10,000
Paper bill 15,000 15,000
Interest and Charge on Khandakalin Rin 30,689,077 15,067,614
Interest and Charge on Long Term Loan 5,809,918 4,700,792
Water Bill 20,000 40,000
Sundries 100,000 149,650
Computer, Software & Accessories 230,000 -
VAT Payable 100,000 100,000
Provision for CDBL charge 150,000 150,000
P&T 5,000 5,000
Provision for Incentive Bonus 17.01 5,629,145 6,664,305
Total 56,990,190 38,696,564
17.01 Provision for Incetnive Bonus
Opening Balance 6,664,305 14,356,091
Add: Provision made during the year 3,000,000 1,000,000
Less: Paid during the year (4,035,160) (8,691,786)
Closing Balance 5,629,145 6,664,305
18.00 OTHER LIABILITIES
Payable to ISTCL 8,632,838 10,888,379
SIL kallyan tahabil 457,105 457,104
Payable to Wifang Securities 561,944 130,919
Payable to Shahjahan Securities 70,730 209,480
Payable to Lankabangla Securities 9,563,283 1,564,346
Payable to City Brokerage 21,358,404 1,934,318
Security deposit 229,814 229,814
Accrued portfolio management fee 19,994 -
Interest suspense a/c 18.01 364,972,423 364,741,260
Total 405,866,533 380,155,621
18.01 Interest Suspense Account
Opening Balance 364,741,260 356,198,391
Add: Transfer to Interest Suspense Account 23,473,220 219,092,947
Less: Adjusted for Interest waiver of Affected small Investors (23,242,057) (210,550,078)
Closing Balance 364,972,423 364,741,260

SONALI BANK PLC
Amount in Taka
Notes Particulars
2023 2022
19.00 PROVISION FOR PORTFOLIO LOAN
Opening Balance 389,011,538 389,011,538
Closing Balance 389,011,538 389,011,538
* Required provision is made as per BSEC directives dated 28 December 2016.

20.00 PROVISION FOR INVESTMENT IN SHARES
Opening Balance 83,296,334 83,296,334
Closing Balance 83,296,334 83,296,334
* Required provision is made as per BSEC directives dated 28 December 2016.
** As on December 31, 2023 investment on share of Tk. 280,30,42,885.00 (including Special Fund
of Bangladesh Bank) and Tk. 241,02,15,783.00 (excluding Special Fund of Bangladesh Bank). As on
December 31, 2023 unrealised loss was Tk. 42,50,62,506.75(excluding Special Fund of Bangladesh Bank)
and provision was made of Tk. 8,32,96,334.00.
In the interest of market situation and development of capital market, according to the instructions of
Bangladesh Securities and Exchange Commission, the period of optional facility of reserve provision
against unrealized loss in merchant bank's own portfolio has been extended till 31/12/2025. And therefore,
there was no provision made during this financial year.
21.00 LIABILITIES FOR INCOME TAX
Opening balance 69,339,677 104,181,167
Add: Provision made during the year 34 24,095,556 33,397,533
93,435,233 137,578,702
Less: Adjusted during the year (69,339,677) (68,239,024)
Closing Balance 24,095,556 69,339,677
22.00 INTEREST INCOME
Interest on portfolio loan to investors 119,358,613 99,302,032
Interest on Bank deposits 2,083,432 3,246,567
Total 121,442,045 102,548,599
23.00 INTEREST EXPENSE
Interest on Provident Fund 1,146,561 930,484
Interest on Khandakalin Rin 80,695,152 50,895,578
Interest on Long Term Loan 22,349,453 18,761,281
Total 104,191,166 70,587,343
24.00 DIVIDEND INCOME
Dividend from Securities 47,935,728 47,577,580
Dividend from MF - 4,312,391
Dividend from Beximco Green Sukuk 782,550 817,800
Total 48,718,278 52,707,771
25.00 FEES AND COMMISSION INCOME
Portfolio management fee 5,663,701 13,522,094
Settlement fee 11,432,879 16,291,007
Underwriting Commission 85,000 25,000
IPO Application processing fee 1,305 4,645
Total 17,182,885 29,842,747
26.00 OTHER OPERATING INCOME 115,812 120,647
26.01 OTHER INCOME
Documentation charge 47,000 58,000
Sale of account opening form 3,150 4,250
Account closing charges 21,500 48,000
Total 71,650 110,250

Amount in Taka
Notes Particulars
2023 2022
26.02 OTHER INCOME
Other Operating Income 44,162 10,397
Total 44,162 10,397
27.00 SALARIES & ALLOWANCES

Salaries & allowances 22,168,980 25,532,962
Recreation Expenses 303,730 186,410
Executive Car Maintenance 846,666 389,687
Festival Bonus 1,937,140 2,144,060
Bangla Nabobarsha Allowances 144,714 171,734
Incentive Bonus 3,000,000 -
Leverage to Staff 15,280 10,680
Overtime 470,802 463,815
Total 28,887,312 28,899,348
28.00 RENT, RATES, INSURANCE & LIGHTING
Office Rent (HO, Mirpur, Uttara) 8,614,692 8,468,487
Insurance - 64,295
Electric Bill 915,858 689,361
Water Bill 42,788 231,150
Service charge of premises 575,400 525,400
Total 10,148,738 9,978,693
29.00 POSTAGE, TELEPHONE AND STAMPS

Postage 37,261 17,872
Telephone Bill 46,533 53,429
Stamp 35,720 38,350
Total 119,514 109,651
30.00 PRINTING, STATIONERY & ADVERTISEMENT
Printing and stationery 319,146 291,711
Advertisement and publicity 30,000 -
Total 349,146 291,711
31.00 DIRECTORS FEES & HONORARIUM

Directors fees 345,000 308,000
Honorarium (Chairman of the Board) 60,000 60,000
Total 405,000 368,000
32.00 REPAIR AND MAINTENANCE

Office Car maintenance 166,480 219,958
Generator maintenance 23,886 14,709
Office Equipment Maintenace 77,835 171,925
Total 268,201 406,592

SONALI BANK PLC
Amount in Taka
Notes Particulars
2023 2022
33.00 OTHER OPERATING EXPENSES
Traveling and conveyance 4,407 11,137
Entertainment expenses 873,544 835,962
Newspapers and periodicals 181,882 156,741
Bank charge 390,872 313,001
Lunch subsidy 601,628 670,560
Audit fees (Annual Accounts Audit) 80,000 73,000
Legal expenses 79,850 85,000
Trade License 15,930 17,080
Subscriptions 366,000 360,000
Computer software & accessories (including
637,340 783,612
internet & Intranet bill)
VAT expenses 1,597,102 1,525,038
Tax consultant fees 154,100 264,200
Security Guard Payment 89,452 111,840
Training Expenses - 23,310
Miscellaneous expenses 684,581 858,900
Total 5,756,688 6,089,381
* Miscellaneous expenses comprises Iftar subsidy, light refreshment, water bill etc.
34.00 INCOME TAX EXPENSES
Tax on Income from investment in share (Capital Gain) @10% 14,469,283 18,848,798
Tax on other income @ 37.5% - 4,129,851
Tax on Dividend Income @ 20% 9,587,145.57 9,515,516.04
Tax on Dividend Income of MF@ 20% - 862,478
Tax on Dividend Income of Sukuk Bond @ 5% 39,128 40,890
Provision made for current year 24,095,556 33,397,532
Add: Tax under provision assessment year (2021-2022) 1,113,039 -
25,208,595 33,397,532
35.00 Deferred Tax (Assets)
Opening balance 6,639,930 9,418,456
Add: Provision made during the year 996,249 (2,778,526)
Closing Balance 7,636,179 6,639,930
36.00 EARNINGS PER SHARE (EPS)
Basic earnings per share:
Net Profit after tax 155,741,945 217,915,826
Number of ordinary shares outstanding 228,900,000 218,000,000
Earnings per share 0.68 1.00
37.00 RELATED PARTY TRANSACTION
Name of the Transaction Transaction

Relationship Types of transactions
parties During the year During the year
Holding Company Long term borrowing 387,000,000 310,001,518
Sonali Bank PLC Khandakalin rin 987,000,000 1,140,001,968
Temporary Overdraft 663,000,000 -

Amount in Taka
Notes Particulars
2023 2022
38.00 RECEIPTS FROM OTHER INCOME
Capital gain/ (loss) on sale of shares (own portfolio) 144,692,829 188,487,983
Dividend income 48,718,278 52,707,771
Fees and commission income 17,182,885 29,842,747
Other income 115,812 120,647
Total 210,709,803 271,159,147
39.00 PAYMENTS TO SUPPLIERS, EMPLOYEES AND OTHERS

Total operating expenses (48,006,392) (47,976,514)
(Decrease)/Increase in portfolio deposit control accounts 1,334,177 (23,349,405)
(Decrease)/Increase in Payable for Client sale (Adjusting Account) 5,909,836 (1,671,740)
(Decrease)/Increase in other liabilities 25,710,912 (22,721,767)
(Decrease)/Increase in liabilities for expenses (18,205,369) (12,120,837)
Income taxes Paid during the year (25,194,604) (67,037,190)
Decrease/(Increase) in other receivables (25,611,684) 24,930,102
Increase/Decrease in other provision - (1,000,000)
Decrease/(Increase) in advance, deposit and prepayments 300,000 (3,225,000)
Depreciation 538,805 348,425
Total (83,224,320) (153,823,927)
40.00 DIRECTOR FEES
As per decision of the Board remuneration was paid to the Directors .
STATUS OF TAX ASSESSMENT OF THE COMPANY

The Company has submitted Income Tax Return for the year 2010 to DCT showing total income of Tk
53,142,899 and Tax amounting Tk. 17,674,025 has been paid before submission of Return. DCT settled the
income tax case with an additional income tax claim for Tk. 4,434,098. The company has appealed against
the claim. The Commissioner of Taxes(Appeal) settled the appeal case on 21 August 2013 with reduced to
Tax amount Tk. 4,420,163. The company has appealed to the Taxes Appellate Tribunal Division against the
claim. The Commissioner of Taxes(Tribunal) rejected the appeal case on 26 August 2015. The company
has filed an Income Tax Referrence Application to High Court Division on 26 October 2016 against the
Commissioner of Taxes (Appeal) decision.
81,584,399. Tax amounting Tk. 30,433,875 has been paid before submission of Return. DCT settled the
income tax case with an additional income tax claim for Tk. 549,784. The Company was paid the such
amount.
26,343,997 and payable tax Tk 7,943,390. Tax amounting Tk. 22,080,941 has been paid before submission
of the said Return. The company has claimed the excess amount of Tk.19,121,429 for refund. DCT settled
the income tax case with an additional income tax claim for Tk. 121,816,431. The company was appealed
to Commissioner of Taxes (Appeal) against the claim. The Commissioner of Taxes (Appeal) rejected the
appeal on 22 October, 2015. The company appealed to the Taxes Appellate Tribunal Division against the
claim and as per order of the Taxes Appellate Tribunal, Benches-5, the appeal is sent back on remad to
the learned CT(A) concern with direction do dispose of the appeal on merit after allowing the assessee
an opportunity of being heard. As the appeal is remanded other ground have became redounded. CT (A)
sent back to DCT as per Tribunal Order. But DCT did not accepted for review and Revised their oreder
as it is. The Company again appealed to the Commissioner of Taxes (Appeal) against the DCT order. The
Commissioner of Taxes(Appeal) did not accept the Appeal. The company has again appealed to the Taxes
Appellate Tribunal Division against the claim. The Commissioner of Taxes(Tribunal) rejected the appeal case
on 27 January 2020. The company has filed an Income Tax Referrence Application to High Court Division
on 26 January 2021 against the Commissioner of Taxes (Appeal) decision.

SONALI BANK PLC
45,917,087 and payable tax Tk 14,586,099.Tax amounting Tk. 3,887,397 has been paid with an adjustment of
Tk. 19,121,429 from previous year (2012) before submission of the said Return. DCT settled the income tax
case with an additional income tax claim for Tk. 2,69,29,313. The company was appealed to Commissioner
of Taxes (Appeal) against the claim. The Commissioner of Taxes (Appeal) rejected the appeal on
23 November, 2016. The company appealed to the Taxes Appellate Tribunal Division against the claim and
as per order of the Taxes Appellate Tribunal, Benches-5, the appeal is sent back on remad to the learned
CT(A) concern with direction do dispose of the appeal on merit after allowing the assessee an opportunity
of being heard. As the appeal is remanded other ground have became redounded. CT (A) sent back to DCT
as per Tribunal Order. But DCT did not accepted for review and Revised their oreder as it is. The Company
again appealed to the Commissioner of Taxes (Appeal) against the DCT order. The Commissioner of
Taxes(Appeal) did not accept the Appeal. The company has again appealed to the Taxes Appellate Tribunal
Division against the claim. The Commissioner of Taxes(Tribunal) rejected the appeal case on 28 November
2019. The company has filed an Income Tax Referrence Application to High Court Division on 28 January
2021 against the Commissioner of Taxes (Appeal) decision.
52,841,544 and payable tax Tk 16,175,259.Tax amounting Tk. 16,175,259 has been paid before submission of
the said Return. DCT settled the income tax case with an additional income tax claim for Tk. 2,36,03,267.
The company was appealed to Commissioner of Taxes (Appeal) against the claim. The Commissioner of
Taxes (Appeal) rejected the appeal on 28 June, 2017. The company has appealed to the Taxes Appellate
Tribunal Division against the claim. The Commissioner of Taxes(Tribunal) rejected the appeal case on
30 May 2018. The company has filed an Income Tax Referrence Application to High Court Division
on 15 September 2019 against the Commissioner of Taxes (Appeal) decision.
16,043,178 and payable tax Tk 29,42,146.20.Tax amounting Tk. 32,97,238 has been paid before submission
of the said Return. DCT settled the income tax case with an additional income tax claim for Tk. 40,84,906.
The company has appealed to Commissioner of Taxes (Appeal) against the claim.The Commissioner of
Taxes (Appeal) revised DCT oreder on 23 April, 2018. As per revised DCT order DCT settled the income tax
case with revised additional income tax claim for Tk. 30,04,938. The company has appealed to the Taxes
Appellate Tribunal Division against the claim on August 28, 2018. The Commissioner of Taxes(Tribunal)
rejected the appeal case on 28 August 2018. The company has filed an Income Tax Referrence Application
to High Court Division on 24 November 2020 against the Commissioner of Taxes (Appeal) decision.
The Company has submitted Income Tax Return for the year 2016 to DCT showing total income of Tk.
8,749,959 and payable Tax of Tk. 4,332,815. Tax amounting Tk. 4,332,815 has been paid before submission
of the said Return. DCT settled the income tax case with refundable of income tax for Tk. 57,659. But as per
DCT oreder they disallowance of 10 items. As such the company has appealed to Commissioner of Taxes
(Appeal) against the disallowances. The Commissioner of Taxes(Appeal) did not accept the Appeal. The
company has again appealed to the Taxes Appellate Tribunal Division against the claim. The Commissioner
of Taxes(Tribunal) rejected the appeal case on 29 December 2021. The company has filed an Income Tax
Referrence Application to High Court Division on 28 January 2021 against the Commissioner of Taxes
(Appeal) decision.
124,396,828 and payable Tax of Tk. 33,960,790. Tax amounting Tk. 33,960,790 has been paid before
submission of the said Return. DCT settled the income tax case with an additional income tax for Tk.
3,339,542. The company has appealed to Commissioner of Taxes (Appeal) against the claims.The
Commissioner of Taxes(Tribunal) rejected the appeal case on 29 December 2021. The company has filed an
Income Tax Referrence Application to High Court Division on 28 January 2021 against the Commissioner
of Taxes (Appeal) decision.
The Company has submitted Income Tax Return for the year 2018 to DCT showing total income of
Tk. 83,408,142 and payable Tax of Tk. 28,440,912. Tax amounting Tk. 28,440,912 has been paid before
submission of the said Return. The Commissioner of Taxes(Appeal) did not accept the Appeal. The
company has again appealed to the Taxes Appellate Tribunal Division against the claim. The Commissioner
of Taxes(Tribunal) rejected the appeal case on 19 July 2022. The company has decided to filed an Income
Tax Referrence Application to High Court Division against the Commissioner of Taxes (Appeal) decision.
submission of the said Return. DCT settled the income tax case with an additional income tax claim for Tk.
7,634. The Company was paid the such amount.

4,063,439. The company has submitted an appealed against the claim. The company has again appealed
to the Taxes Appellate Tribunal Division against the claim. The Commissioner of Taxes(Tribunal) rejected the
appeal case and the company has decided to filed an Income Tax Referrence Application to High Court
Division against the Commissioner of Taxes (Appeal) decision.
9,542,643. The company has submitted an appealed against the claim.
303,110,007 and payable Tax of Tk. 33,400,034. Tax amounting Tk. 33,400,034 has been paid before
submission of the said Return.
41.00 CAPITAL COMMITMENT

There is no capital commitment as at 31 December 2023.
42.00 CONTINGENT LIABILITIES

There is no contingent liability as at 31 December 2023.
43.00 CLAIMS AGAINST THE COMPANY NOT ACKNOWLEDGED AS DEBT

There is no claim against the company not acknowledged as debt at 31 December 2023.
44.00 GENERAL:
i) The expenses, irrespective of capital or revenue nature, accrued/due but not paid have been provided for
in the books of the company.
ii) Previous years' figure has been changed where necessary to confirm the current year's profit.

376
SONALI BANK PLC
Annexure-A
Cost Depreciation Written down value
ANNUAL REPORT 2023

Sl. No. Category of Assets Opening Purchased Disposal Charged Adjustment
Prior year Total as on Opening balance Prior year Total as on As on As on
balance as on during the during the Rate during the for Disposal
adjustment 31.12.2023 as on 01.01.2023 adjustment 31.12.2023 31.12.2023 31.12.2022
01.01.23 year year year Assets
1 2 3 4 5=(2+3-4) 6 7 8 9 10=(7+8-9) 11=(5-10) 12
1 Furniture & Fixture 2,520,427 103 110,400 2,630,926 10% 1,814,794 10,106 1,896,586 734,340 705,633
4 71,690 4
Computer &
2 5,825,949 - 531,138 6,357,081 20% 5,588,882 5,708,658 648,423 237,067
Accessories 6 - 119,782 6
3 Motor Vehicle 5,000,000 - 5,000,000 20% 4,999,999 - 1 1

- 4,999,999
4 Office Equipment 396,543 - 13,500 410,043 20% - 16

396,527 - 1,350 397,877 12,166
Air Conditioner &

5 4,415,572 - 514,550 4,930,118 20% 3,165,624 336,455 1,428,043 1,249,948
Generator 4 - 4 3,502,075
Application of
6 - 2,917,600 20% 2,917,599 - 2,917,599 1 1
Software 2,917,600 - - - -
7 Interior Decoration - 467,638 20% 424,762 9,528 - 434,290 33,348 42,876

467,638 - - -
Total Assets as on 31 December 2023 21,543,729 103 1,169,588 14 22,713,406 19,308,187 10,106 538,805 14 19,857,084 2,856,322 2,235,542
Total Assets as on 31 December 2022 21,208,912 2,069,517 1,734,700 21,543,729 20,694,462 348,425 1,734,700 19,308,187 2,235,542
Portfolio Investment in Shares
Annexure -B
Cost of Investment Market value of Investment
Sl. Unrealized
Company Name No of Share Cost per Cost of No of Share Market Price
No. Market Value of Gain/(Loss) (Tk)
Held Share (Tk) Investment (Tk) Held per Share (Tk) Investment (Tk)
1.A. Non-marginable
1 ACME Pesticides Limited 10,000 10.00 100,000 10,000 35.40 354,000 254,000
2 Arian Chemicals (Pvt.Plac) 500,000 10.00 5,000,000 500,000 10.00 5,000,000 0
3 Baraka Patenga Power Limited 102,000 31.50 3,213,463 102,000 29.30 2,988,600 (224,873)
4 Beximco Green Sukuk Al Istisna'a 141,000 93.15 13,134,201 141,000 85.00 11,985,000 (1,149,202)
5 CVO Petrochemical Ltd. 18,617 350.94 6,533,349 18,617 166.70 31,034,54 (3,429,906)
6 Deshbandhu Polymer 1,968,747 38.69 76,176,426 1,968,747 36.40 71,662,391 (4,514,056)
7 Familytex (BD) Limited 4,576,406 8.43 3,857,807 4,576,406 4.90 2,242,434 (1,615,373)
8 Fiber Shine Ltd.(Pvt.Plcemnt) 200,000 10.00 2,000,000 200,000 10.00 2,000,000 0
9 Golden Son Limited 99,488 34.31 3,413,017 99,488 18.20 1,810,682 (1,602,336)
10 IFIC Bank PLC 615,000 12.01 7,387,344 615,000 11.20 6,888,000 (499,354)
11 InTech Online Ltd. 40,000 61.23 2,449,012 40,000 25.40 1,016,000 (1,433,012)
12 Lub-rref (Bangladesh) Limited 38,000 50.11 1,904,286 38,000 35.10 1,333,800 (570,496)
13 Midland Bank Limited 54,319 12.21 663,477 54,319 14.40 782,194 118,707
14 Oimex Electrode Ltd. 0.1 9.09 0.2 0.1 20.30 2 1
15 One Bank Limited 1,142,146 18.60 21,244,113 1,142,146 9.50 10,850,386 (10,393,738)
16 Pragati Life Insurance 1 90.14 73 1 102.10 84 10
17 Prime Finance 1,100,000 22.42 24,664,858 1,100,000 11.50 12,650,000 (12,014,889)
18 Titas Gas T&D Co.Ltd. 355,810 69.03 24,559,908 355,810 40.90 14,552,629 (10,007,279)
19 Union Capital 284,067 22.38 6,356,019 284,067 8.90 2,528,196 (3,827,823)
ANNUAL REPORT 2023

Sub Total (A) 202,657,353 151,747,851
377
378
Sl. Unrealized
Company Name
No. No of Share Cost per Cost of No of Share Market Price Market Value of Gain/(Loss) (Tk)
B. Marginable
1 ACI Formulations Ltd. 3,000 177.17 531,510 3,000 155.00 465,000 (66,510)
SONALI BANK PLC
2 ACI LTD 11,556 260.36 3,008,663 11,556 260.20 3,006,871 (1,803)

3 Aftab Automobiles 137,567 45.47 6,255,339 137,567 30.00 4,127,010 (2,128,329)
4 Agrani Ins. Co Ltd. 162,526 55.34 8,994,144 162,526 37.60 6,110,959 (2,883,185)
ANNUAL REPORT 2023

5 Alif Industries Limited 335,773 80.72 27,103,923 335,773 74.60 25,048,666 (2,055,258)
6 Apex Footwear Limited 257,083 275.40 70,799,906 257,083 257.50 66,198,873 (4,601,034)
7 BATBC 5,000 519.32 2,596,612 5,000 518.70 2,593,500 (3,112)
8 Bay Leasing & Inv.Ltd. 130,764 54.67 7,148,928 130,764 23.90 3,125,260 (4,023,679)
9 BBS Cables Ltd. 37,980 63.95 2,428,831 37,980 49.90 1,895,202 (533,639)
10 Beximco Limited 100,000 132.56 13,255,837 100,000 115.60 11,560,000 (1,695,847)
11 Beximco Pharma 35,000 146.38 5,123,130 35,000 146.20 5,117,000 (6,140)
12 BSRM Steels Ltd. 131,450 90.35 11,876,266 131,450 63.90 8,399,655 (3,476,622)
13 Confidence Cement PLC 127,169 126.21 16,049,749 127,169 89.00 11,318,010 (4,731,760)
14 Crystal Insurance Company Limited 69,000 100.63 6,943,100 69,000 85.10 5,871,900 (1,071,201)
15 DBH Finance PLC 147,900 58.94 8,717,311 147,900 56.70 8,385,930 (331,382)
16 Dutch Bangla Bank 49,988 61.45 3,071,540 49,988 59.10 2,954,261 (117,289)
17 Eastern Housing 10,510 102.51 1,077,308 10,510 86.40 908,064 (169,244)
18 Eastern Insurance 472,624 73.73 34,847,446 472,624 67.90 32,091,170 (2,756,286)
19 Energypac Power Generation PLC 248,000 50.61 12,551,312 248,000 34.50 8,556,000 (3,995,312)
20 Esquire Knit Composite PLC 41,669 45.00 1,875,105 41,669 34.50 1,437,581 (437,525)
21 First Security Bank Ltd. 660,000 9.84 6,496,518 660,000 8.90 5,874,000 (622,538)
22 Genex Infosys Limited 116,188 132.50 15,395,380 116,188 65.40 7,598,708 (7,796,682)
23 Grameen MF-2 1,036,906 17.98 18,645,215 1,036,906 15.20 15,760,971 (2,884,254)
24 GrameenPhone Ltd. 23,000 489.43 11,256,962 23,000 286.60 6,591,800 (4,665,182)
25 Green Delta Ins. 10,000 70.90 709,017 10,000 65.50 655,000 (54,017)
26 Heidelberg Cement 36,884 556.95 20,542,660 36,884 239.50 8,833,718 (11,708,962)
Sl. Unrealized
Company Name
27 IDLC Finance Ltd. 21,739 69.89 1,519,273 21,739 46.50 1,010,864 (508,410)
28 IFAD Autos Limited 384,704 68.19 26,231,151 384,704 44.10 16,965,446 (9,265,715)
29 Intraco Refueling Station Limited 50,000 48.66 2,432,916 50,000 40.50 2,025,000 (407,916)
30 Jamuna Oil 30,090 198.39 5,969,440 30,090 168.50 5,070,165 (899,276)
31 LankaBangla Finance PLC 400,000 26.78 10,711,264 400,000 26.0 10,400,000 (311,275)
32 Linde Bangladesh Ltd. 3,385 1558.59 5,275,811 3,385 1397.70 4,731,215 (544,597)
33 Meghna Petroleum Ltd. 110,665 237.79 26,314,767 110,665 198.60 21,978,069 (4,336,729)
34 MJL Bangladesh PLC 31,236 96.10 3,001,590 31,236 86.70 2,708,161 (293,430)
35 Northern Islami Insurance Limited 151,296 54.58 8,257,169 151,296 42.80 6,475,469 (1,781,700)
36 Olympic Industries 23,030 196.98 4,536,414 23,030 152.00 3,500,560 (1,035,854)
37 Orion Pharma Limited 25,000 82.27 2,056,721 25,000 79.60 1,990,000 (66,741)
38 Padma Oil 175,478 283.77 49,795,212 175,478 209.20 36,709,998 (13,085,245)
39 Paramount Insurance 1,342,993 74.13 99,551,212 1,342,993 56.80 76,282,002 (23,269,221)
40 Premier Bank Limited 860,000 13.38 11,502,469 860,000 13.20 11,352,000 (150,499)
41 Provati Ins. Co. Ltd. 815,205 65.16 53,118,504 815,205 58.90 48,015,575 (5,102,930)
42 Ring Shine Textiles Ltd. 300,000 9.80 2,941,013 300,000 9.80 2,940,000 (1,014)
43 Runner Automobiles PLC 64,666 64.81 4,190,773 64,666 48.40 3,129,834 (1,060,949)
44 Sena Kalyan Insurance Company Limited 44,000 62.12 2,733,218 44,000 52.60 2,314,400 (418,828)
45 Shepherd Industries PLC 1 28.58 27 1 24.00 23 (4)
46 Singer BD. Limited 2,000 194.11 388,210 2,000 151.90 303,800 (84,420)
47 Sinobangla Industries 97,364 71.19 6,930,986 97,364 62.90 6,124,196 (806,791)
48 Sonali Paper & Board Mills Limited 14,506 685.86 9,949,046 14,506 615.10 8,922,641 (1,026,416)
49 Square Pharmaceuticals PLC 93,686 240.28 22,511,219 93,686 210.30 19,702,166 (2,809,094)
50 United Insurance 180,966 68.78 12,446,015 180,966 44.80 8,107,277 (4,338,758)
51 United Power Generation 50,000 293.50 14,675,023 50,000 233.70 11,685,000 (2,990,023)
52 Uttara Bank PLC 609,255 24.50 14,928,734 609,255 22.30 13,586,387 (1,342,362)
ANNUAL REPORT 2023

53 Uttara Finance 15,830 69.80 1,104,929 15,830 33.80 535,054 (569,875)
Sub Total (B) 720,374,818 581,050,407
Total (A+B) 923,032,171 732,798,258 (190,234,487)
379
380
Sl. Unrealized
Company Name
2.A. Non-marginable
1 ICB 137,379 100.04 13,742,756 137,379 85.50 11,745,879 (1,996,897)
SONALI BANK PLC
2 IFIC Bank PLC 527,363 14.12 7,448,225 527,363 11.20 5,906,460 (1,541,785)
3 M.L. Dyeing Limited 550,817 32.54 17,923,508 550,817 24.80 13,660,262 (4,263,247)
ANNUAL REPORT 2023

4 One Bank Limited 27,563 11.57 318,857 27,563 9.50 261,844 (57,034)
Sub Total (A) 39,433,346 31,574,444
B. Marginable
1 aamra networks limited 54,077 50.65 2,738,810 54,077 51.30 2,774,150 35,339
2 ACI Formulations Ltd. 63,500 164.36 10,437,013 63,500 155.00 9,842,500 (594,514)
3 ACI LTD 26,571 273.19 7,258,931 26,571 260.20 6,913,774 (345,177)
4 Apex Footwear Limited 65,000 260.52 16,933,814 65,000 257.50 16,737,500 (196,324)
5 Asia Pacific G. Ins. 290,110 69.16 20,063,761 290,110 50.10 14,534,511 (5,529,271)
6 BATBC 23,823 537.74 12,810,534 23,823 518.70 12,356,990 (453,564)
7 BBS Cables Ltd. 15,221 49.80 757,955 15,221 49.90 759,528 1,542
8 Beximco Pharma 199,182 186.03 37,054,321 199,182 146.20 29,120,408 (7,933,934)
10 Eastern Bank PLC 56,250 26.46 1,488,133 56,250 29.40 1,653,750 165,596
11 GPH ispat ltd. 266,241 48.87 13,010,877 266,241 42.70 11,368,485 (1,642,413)
12 Grameen MF-2 204,000 16.90 3,447,447 204,000 15.20 3,100,800 (346,667)
13 Green Delta Ins. 156,447 90.51 14,159,563 156,447 65.50 10,247,279 (3,912,305)
14 Heidelberg Cement 32,000 245.22 7,847,030 32,000 239.50 7,664,000 (183,050)
15 IFAD Autos Limited 230,286 41.40 9,533,431 230,286 44.10 10,155,613 622,161
16 Jamuna Oil 15,000 167.53 2,513,013 15,000 168.50 2,527,500 14,487
17 LankaBangla Finance PLC 326,430 38.04 12,418,852 326,430 26.00 8,487,180 (3,931,692)
18 Linde Bangladesh Ltd. 7,050 1,488.72 10,495,462.00 7,050.00 1,397.70 9,853,785.00 (641,698)
Sl. Unrealized
Company Name No of Share Cost per Cost of No of Share Market Price
No. Market Value of Gain/(Loss) (Tk)
19 Meghna Petroleum Ltd. 5,000 196.11 980,550 5,000 198.60 993,000 12,429
20 MJL Bangladesh PLC 12,000 83.87 1,006,407 12,000 86.70 1,040,400 33,993
21 National Polymer Industries PLC 391,000 51.06 19,966,006 391,000 51.00 19,941,000 (25,006)
22 Nitol Insurance 350,795 59.26 20,789,356 350,795 37.70 13,224,972 (7,564,405)
23 Olympic Industries 118,500 172.46 20,435,916 118,500 152.00 18,012,000 (2,423,917)
24 Pharma Aids Limited 2,079 732.56 1,522,967 2,079 790.70 1,643,865 120,878
25 Pioneer Insurance 145,000 68.20 9,888,325 145,000 68.10 9,874,500 (13,836)
26 Rangpur Foundry 25,500 155.59 3,967,469 25,500 154.00 3,927,000 (40,490)
27 Renata Limited 10,946 898.91 9,839,417 10,946 1,217.90 13,331,133 3,491,716
28 Shahjibazar Power 114,758 63.45 7,281,229 114,758 65.50 7,516,628 235,379
29 Shasha Denims Limited 235,119 27.55 6,477,822 235,119 27.00 6,348,213 (129,629)
30 Square Pharmaceuticals PLC 35,000 204.62 7,161,556 35,000 210.30 7,360,500 198,924
31 The ACME Laboratories 159,990 84.93 13,587,130 159,990 85.00 13,599,150 12,000
32 The IBN SINA Pharmaceutical Industry PLC 27,000 287.00 7,749,013 27,000 286.60 7,738,200 (10,833)
ANNUAL REPORT 2023

Sub Total (B) 353,393,756 313,356,880
Total (A+B) 392,827,102 344,931,325 (47,896,365)
381
382
Sl. Unrealized
Company Name
3.A. Non-marginable
SONALI BANK PLC
1 Coppertech Industries Ltd. 1,089,040 42.89 46,711,284 1,089,040 36.90 40,185,576 (6,525,689)
2 Deshbandhu Polymer 3,978,947 39.07 155,439,547 3,978,947 36.40 144,833,671 (10,605,887)
ANNUAL REPORT 2023

3 Emerald Oil Ind.Ltd 30,000 135.81 4,074,374 30,000 73.20 2,196,000 (1,878,394)
4 ICB 200,183 93.38 18,693,386 200,183 85.50 17,115,604 (1,577,792)
5 IFIC Bank PLC 1,033,200 15.05 15,548,409 1,033,200 11.20 11,571,840 (3,976,569)
6 IT Consultants Limited 115,349 37.97 4,379,354 115,349 37.00 4,267,913 (111,441)
7 Libra Infusions 11,260 1,002.09 11,283,479 11,260 920.70 10,367,082 (916,398)
8 Lub-rref (Bangladesh) Limited 244,583 31.64 7,738,097 244,583 35.10 8,584,863 846,766
9 M.L. Dyeing Limited 727,067 30.03 21,836,163 727,067 24.80 18,031,262 (3,804,892)
10 Metro Spinning 100,000 37.95 3,794,538 100,000 25.30 2,530,000 (1,264,548)
11 Quasem Industries Limited 201,071 56.85 11,430,757 201,071 58.40 11,742,546 311,799
12 RD Food Ltd. 268,542 49.81 13,376,587 268,542 36.20 9,721,220 (3,655,367)
13 Shainepukur Ceramics 154,234 48.96 7,551,063 154,234 43.00 6,632,062 (919,002)
14 Silco Pharmaceuticals Limited 646,329 23.42 15,139,492 646,329 23.40 15,124,099 (15,394)
15 Silva Pharmaceuticals Limited 186,310 19.66 3,662,558 186,310 21.60 4,024,296 361,748
16 Western Marine Shipyard 0.45 11.73 5 0.45 12.60 6 0.39
Sub Total (A) 340,659,093 306,928,040

Sl. Unrealized
Company Name
B. Marginable
1 aamra networks limited 120,000 74.06 8,887,572 120,000 51.30 6,156,000 (2,731,573)
2 ACI LTD 110,250 272.52 30,045,276 110,250 260.20 28,687,050 (1,358,197)
3 Agrani Ins. Co Ltd. 455,784 53.42 24,348,939 455,784 37.60 17,137,464 (7,211,476)
4 Alif Industries Limited 258,491 80.69 20,858,298 258,491 74.60 19,283,429 (1,574,850)
5 Apex Footwear Limited 242,272 282.56 68,456,901 242,272 257.50 62,385,040 (6,071,861)
6 BD. Lamps 49,220 313.33 15,422,298 49,220 252.20 12,413,284 (3,009,005)
7 Beacon Pharmaceuticals PLC 22,250 225.95 5,027,475 22,250 245.00 5,451,250 423,774
8 Beximco Limited 273,500 119.35 32,642,674 273,500 115.60 31,616,600 (1,026,084)
9 Beximco Pharma 208,669 182.85 38,155,191 208,669 146.20 30,507,408 (7,647,784)
10 BRAC Bank Ltd. 107,500 35.86 3,854,619 107,500 35.80 3,848,500 (6,120)
12 Crown Cement PLC 664,686 78.94 52,471,146 664,686 75.70 50,316,730 (2,154,396)
13 Crystal Insurance Company Limited 458,124 94.16 43,138,059 458,124 85.10 38,986,352 (4,151,687)
14 Eastern Housing 25,000 109.53 2,738,292 25,000 86.40 2,160,000 (578,282)
15 Energypac Power Generation PLC 310,466 48.21 14,968,253 310,466 34.50 10,711,077 (4,257,856)
ANNUAL REPORT 2023

16 Fortune Shoes Limited 210,000 83.58 17,552,048 210,000 75.70 15,897,000 (1,655,039)
383
384
Sl. Unrealized
Company Name
17 Genex Infosys Limited 596,726 110.01 65,648,384 596,726 65.40 39,025,880 (26,622,494)
18 Grameen MF-2 1,634,021 18.02 29,439,272 1,634,021 15.20 24,837,119 (4,602,123)
SONALI BANK PLC
19 GrameenPhone Ltd. 16,000 261.93 4,190,913 16,000 286.60 4,585,600 394,677

20 Heidelberg Cement 32,827 243.72 8,000,511 32,827 239.50 7,862,067 (138,455)
21 Intraco Refueling Station Limited 199,020 41.07 8,174,386 199,020 40.50 8,060,310 (114,057)
ANNUAL REPORT 2023

22 IPDC Finance Limited 250,000 58.57 14,642,590 250,000 57.60 14,400,000 (242,550)
23 Karnaphuli Insurance 510,000 43.65 22,259,394 510,000 36.90 18,819,000 (3,440,384)
24 LankaBangla Finance PLC 800,000 41.77 33,417,900 800,000 26.00 20,800,000 (12,617,900)
25 Linde Bangladesh Ltd. 11,473 1,622.42 18,613,996 11,473 1,397.70 16,035,812 (2,578,184)
26 Meghna Petroleum Ltd. 20,000 201.33 4,026,591 20,000 198.60 3,972,000 (54,591)
27 Mercantile Bank PLC 714,000 13.35 9,531,443 714,000 13.30 9,496,200 (35,224)
28 Nahee Aluminum Composite Panel Ltd. 808,340 72.12 58,296,152 808,340 65.30 52,784,602 (5,511,550)
29 National Polymer Industries PLC 82,994 58.41 4,847,556 82,994 51.00 4,232,694 (614,843)
30 Northern Islami Insurance Limited 349,730 56.50 19,759,450 349,730 42.80 14,968,444 (4,791,006)
31 Padma Oil 47,952 223.02 10,694,055 47,952 209.20 10,031,558 (662,487)
32 Paramount Insurance 1,029,221 73.42 75,568,815 1,029,221 56.80 58,459,753 (17,109,063)
33 Premier Cement Mills PLC 153,954 90.85 13,986,488 153,954 53.60 8,251,934 (5,734,545)
34 Prime Bank Limited 1,250,000 24.96 31,197,192 1,250,000 21.00 26,250,000 (4,947,193)
35 Renata Limited 24,000 1,201.98 28,847,448 24,000 1,217.90 29,229,600 382,162
36 Runner Automobiles PLC 187,679 61.97 11,631,125 187,679 48.40 9,083,664 (2,547,482)
37 Sea Pearl Beach Resort & Spa Limited 662,342 158.46 104,957,495 662,342 99.70 66,035,497 (38,921,988)
38 Sinobangla Industries 48,250 72.08 3,477,921 48,250 62.90 3,034,925 (442,986)
39 Sonali Aansh 27,548 623.28 17,170,093 27,548 572.10 15,760,211 (1,409,873)
40 Sonali Paper & Board Mills Limited 25,000 684.30 17,107,409 25,000 615.10 15,377,500 (1,729,909)
41 Square Pharmaceuticals PLC 150,180 218.95 32,881,604 150,180 210.30 31,582,854 (1,298,751)
42 Square Textiles PLC 375,492 65.57 24,621,540 375,492 67.50 25,345,710 724,170
Sub Total (B) 1,145,832,945 944,736,417
Total (A+B) 1,486,492,038 1,251,664,456 (234,828,019)
Grand Total (1+2+3) 2,802,351,311 2,329,394,038
SONALI BANK PLC
ISLAMIC BANKING WINDOW
Balance Sheet
2023 2022
Particulars Notes
Taka Taka
PROPERTY AND ASSETS
Cash
Cash in Hand 1,341,677,104 245,438,359
Balance with Central Bank and its agent Bank(s) 224,303,075 179,574,542
1.00 1,565,980,179 425,012,901
Balance with other Banks & Financial Institutions
In Bangladesh 3,217,311,922 3,717,660,667
Outside Bangladesh - -
2.00 3,217,311,922 3,717,660,667
Money at Call on Short Notice 3.00 - -
Investments
Government 324,560,000 324,560,000
Others - -
4.00 324,560,000 324,560,000
Financing
Household Durable scheme (HDS) 1,139,165,440 654,189,014
Bills Purchased and Discounted - -
5.00 1,139,165,440 654,189,014
Fixed Asset including Premises, Furniture and Fixture 6.00 - -
Other Assets 7.00 148,998,865 122,596,564
Non-Banking Assets 8.00 - -
Total Assets 6,396,016,406 5,244,019,146
Liabilities
Borrowing from other Banks, Financial Institutions & Agents 9.00 -
Deposit and Other Accounts
Al- Wadeah Current Accounts & Other Accounts etc. 18,905,952 13,021,769
Bills Payable - -
Mudaraba Savings Deposits 262,793,607 190,872,994
Mudaraba Term Deposits 3,875,641,112 4,093,021,451
Other Time Deposits 127,341,286 95,401,373
10.00 4,284,681,957 4,392,317,587
Other Liabilities 11.00 2,111,334,449 851,701,559
Total Liabilities 6,396,016,406 5,244,019,146
Paid up Capital 12.00 - -
Statutory Reserve 13.00 - -
Other Reserve 14.00 - -
Revaluation Reserve 15.00 - -
Surplus in Profit and Loss Account/Retained Earnings 16.00 - -
Total Liabilities and Shareholders' Equity 6,396,016,406 5,244,019,146

SONALI BANK PLC
SONALI BANK PLC

Balance Sheet
2023 2022
Particulars Notes
Taka Taka
Off-Balance Sheet Items
Contingent Liabilities
Letters of Guarantee - -
Irrevocable Letters of Credit - -
Bills for Collection - -
Other Contingent Liabilities - -
17.00 - -
Other Commitments
Total Off Balance Sheet items including contingent liabilities - -
Net Asset Value (NAV) per Share - -

SONALI BANK PLC
for the year ended 31 December 2023
2023 2022
Particulars Note
Taka Taka
Operating Income
Income from Financing 18.00 327,360,475 241,462,155
Profit paid on deposit and borrowing etc. 19.00 195,357,647 148,231,836
Net Income from Financing 132,002,828 93,230,319
Investment income 20.00 14,728,532 8,341,163
Commission, exchange and brokerage 21.00 317,819 255,481
Other non operating income 22.00 108,586 175,097
Operating Expenses
Salary and allowances 23.00 - -
Rent, tax, insurance, electricity etc. 24.00 - -
Legal expenses 25.00 - -
Postage, stamps and telecommunication etc. 26.00 - -
Printings, stationery, advertisements etc. 27.00 - -
Chief Executive's salary and fees 28.00 - -
Directors' fees 29.00 - -
Auditors' fees 30.00 - -
Depreciation & repair to bank's assets 31.00 - -
Other expenses 32.00 - -
Total Operating Expenses (B) - -
Profit Before Provision, Amortization and Taxes C=(A-B) 147,157,765 102,002,060
Provision for loans & advances 33.00 - -
Provision for diminution in value of investment 34.00 - -
Other provision 35.00 - -
Total Provision (D) - -
Total Profit/(Loss) before Taxes E=(C-D) 147,157,765 102,002,060
Provision for taxation (F)
Current tax - -
Deferred tax - -
Net Profit/(Loss) after Tax G=(E-F) 147,157,765 102,002,060
Appropriations
General Reserve - -
Statutory Reserve - -
Reserve for CSR - -
Dividend etc. - -
Retained Surplus Carried Forward - -
Earnings Per Share (EPS) 37.00 - -

SONALI BANK PLC
Bank
Notes Particulars Ref.Note
2023 2022
1.00 Cash
Cash in hand 1.01 1,341,677,104 245,438,359
Balance with Central Bank and its Agent Bank's 1.02 224,303,075 179,574,542
1,565,980,179 425,012,901
1.01 Cash In Hand
Local Currency 1.01.01 1,341,677,104 245,438,359
Foreign Currency 1.01.02 - -
1,341,677,104 245,438,359
Cash in hand 1,341,677,104 245,438,359
Cash with ATM A/C - -
1,341,677,104 245,438,359

Foreign Currency in hand - -
- -
1.02 Balance with Central Bank and its Agent Bank
Local Currency 224,303,075 179,574,542
Foreign Currency - -
224,303,075 179,574,542
In Bangladesh
Local Currency 3,217,311,922 3,717,660,667
3,217,311,922 3,717,660,667
Bank Name
Social Islami Bank Ltd 646,502,081 1,633,377,833
Exim Bank Ltd. 1,368,056,032 1,164,296,789
Union Bank Ltd 8,729,473 237,882,193
Al Arafa Islami Bank Ltd 570,000,000 502,340,562
Global Islami Bank Ltd 24,000,000 124,404,874
Islami bank limited 600,000,000 13,877,799
- -
Pubali Bank Ltd. - 36,344,178
AB Bank Ltd - 5,136,438
Total 3,217,287,586 3,717,660,666
Bank Name
……………………. - -
……………………… - -
Total - -
4.00 Investments
Government Securities 4.01 324,560,000 324,560,000
Other Investments 4.02 - -
Total 324,560,000 324,560,000

Bank
2023 2022
4.01 Government Securities
Treasury bills-Primary - -
Government Notes/Bonds/other securities 324,560,000 324,560,000
Prize Bond - -
Total Government Securities 324,560,000 324,560,000
Ordinary Share - -
Debentures of private sectors - -
Investment in foreign currency - -
Private Bond - -
Total Other Investments - -
5.00 Financing
Household Durable Scheme (HDS) 5.01 1,139,165,440 654,189,014
Bills purchased and discounted 5.02 - -
1,139,165,440 654,189,014
5.01 Financing (In and outside Bangladesh) including bills purchased and discounted
Inside Bangladesh 5.01.01 1,139,165,440 654,189,014
Outside Bangladesh 5.02.02 - -
1,139,165,440 654,189,014
5.01.01 Inside Bangladesh
Household Durable Scheme (HDS) 1,139,165,440 654,189,014
- -
- -
- -
- -
5.02.02 Outside Bangladesh
Loan - -
Cash Credit - -
Overdraft - -
Bills purchased and discounted - -
- -
5.02.03 Head-wise Financing:
Inside Bangladesh
Financing
Household Durable Scheme (HDS) 1,139,165,440 654,189,014
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Total Financing 1,139,165,440 654,189,014

SONALI BANK PLC
Bank
2023 2022
(A) Cost
Premises - -
Building Constructions - -
Furniture - -
Electric Installation - -
Computer Software - -
Computer Hardware - -
Motor Car & Other Vehicle - -
Total Cost Value - -
Premises - -
Building - -
Furniture - -
Total Accumulated Depreciation
Written down value (A-B) - -
7.00 Other Asset 148,998,865 122,596,564
Inter Brance Transaction - -
Advance Rent, Advertisement etc. - -
Interest, Commission and Exchange Receivable - -
Prepaid Expenses - -
- -
Stationery, Stamps and Printing Materials in hand - -
Branch Adjustment - -
Security Deposits - -
Advance Cover Funds - -
Advance deposit - -
Suspense A/C - -
Others - -
- -
Stamps on hand - -
Stationery on hand - -
- -
Advance Rent (Non Interest Bearing) - -
- -
7.03 Profit, Commission & Exchange receivable
Profit receivable - -
Commission receivable - -
Others receivable - -
- -

Bank
2023 2022
7.04 Prepaid Expenses
Rent - -
Salary - -
Law charges - -
Postage - -
Sundries - -
- -
Advance Recoverable - -
Salary & Allowances - -
Traveling Expenses - -
Taxes - -
Insurance - -
Miscellaneous - -
- -
7.06 Others :
Others - -
- -
8.00 Non Banking Assets - -
In Bangladesh - -
- -
AL-Wahdiah Current Deposit & Other Accounts 18,905,952 13,021,769
Bills Payable - -
Mudaraba Savings Deposits 262,793,607 190,872,994
Mudaraba Term Deposit (MTDR) 3,875,641,112 4,093,021,451
Other Time Deposits 127,341,286 95,401,373
4,284,681,957 4,392,317,587
10.01 AL-Wahdiah Current Deposit & Other Accounts 18,905,952 13,021,769

10.02 Bills Payable
Payment Order - -
Foreign Draft/Travelers Cheque Issued A/c. - -
Foreign Draft Payable A/c. - -
- -
10.03 Mudaraba Savings Deposits 262,793,607 13,021,769
10.04 Mudaraba Term Deposit (MTDR) 3,875,641,112 4,093,021,451
10.05 Other Time Deposits 127,341,286 95,401,373

11.00 Other liabilities -
Profit payable 83,149,453 79,299,038
Profit suspense 1,017,371 145,530
Compensation receivable 555,350 729,085
Duties & Tax 7,118,026 5,588,161
Profit receivable 258,356,770 133,173,322
Compensation realized 2,760,257 2,486,262
Others 1,758,377,222 630,280,161
2,111,334,449 851,701,559

SONALI BANK PLC
Bank
2023 2022
Authorized Capital - -
12.00 Paid up Capital - -
- -
13.00 Statutory Reserve - -
- -
14.00 Other Reserves - -

- -

Revaluation of investment - -
Assets Revaluation Reserve - -
- -
Balance at the beginning of the period - -
Net Profit After Tax - -

Transfer to Statutory Reserve - -
Total Retained Surplus - -

Letters of guarantee - -
Bills for collection - -
- -

Bank
2023 2022
18.00 Income from Financing & Investment
On Financing (HDS) 55,647,184 30,531,187

On Balance with other banks and financial institutions 271,713,291 210,930,968
On Received from foreign banks - -
Others Non operating financing income - -
327,360,475 241,462,155
19.00 Profit paid on deposits and borrowings etc.
Profit paid on Deposits 195,357,647 148,231,836
Profit paid on Borrowings - -
Profit paid on Foreign Banks Account - -
Profit paid on others - -
195,357,647 148,231,836

Treasury Bills-Primary - -
Government Notes/Bonds/other securities 14,728,532 8,341,163
Interest on Treasury Bond - -
Private Bond - -
Interest on Reverse Repo - -
Dividend income & Others - -
14,728,532 8,341,163
Commission 317,819 255,481
Exchange - -
317,819 255,481
22.00 Other Non Operating Income

Sundries 108,586 175,097
- -

Salaries (Basic Pay, House Rent & Other Allowance) - -
Contribution to Pension & Gratuity Fund - -
Bank's contribution to provident fund - -
Medical Allowance - -
Festival Bonus - -
Recreation Expense - -
Bangla Nabobarsho Allowance - -
Salaries and allowances of Indian operation - -
- -
Rent - -
Taxes - -
Service Charge of premises - -
Insurance - -
Power and electricity - -
- -

SONALI BANK PLC
Bank
2023 2022
Law charges - -
Other Legal Expenses - -
- -
Postage - -
Court Fees and Stamps - -
Telephone - -
- -
Stationery - -
Printing - -
Advertisement - -
- -
Chief executive's salary and fees - -
- -
29.00 Directors' Fees & Honorium

Directors' fees & Honorium - -
- -
Statutory Audit fee - -
- -
Depreciation:
Premises - -
Building Construction - -
Sub-total - -
B) Dead stock
Furniture - -
Type Writer Machine - -
Library - -
Sub-total - -
Depreciation of Indian operation - -

Sub-total - -
- -
Repairs:
Repairs to Bank's Assets - -
Sub-total - -
Total - -

Bank
2023 2022

Repairs to Rented Property - -
Books and News Paper - -
Pay of Police guards - -
Motor Car Maintenance - -
Hired Transport - -
Entertainment - -
Conveyance - -
Lunch Subsidy - -
Donation - -
Subscription - -
Liveries to Staff - -
Computer Hardware Repairs & Maintenance - -
Computer Software Repairs & Maintenance - -
Rent of Connectivity/CCTV/Internet Etc. - -
Training Expenses - -
Business Development - -
Honorarium to Staff - -
Generator Maintenance - -
Children Education Allowance - -
VAT Expense - -
- -
Provision for Classified Loans & Advances - -
Provision for Unclassified Loans and Advances - -
- -

Dealing securities
Quoted - -
Unquoted - -
Quoted - -
Unquoted - -
Debenture (Public and Private) - -

- -

SONALI BANK PLC
Bank
2023 2022
Provision for Other Assets - -
Provision which no more Required against Off Balance Sheet - -
Provision for Unreconciled Entries of NOSTRO A/C - -
Provision for Bonus - -
- -
Cash in hand 1,341,677,104 245,438,359
Cash at Bank - -
Balance with Bangladesh Bank 224,303,075 179,574,542
Money at call on short notice - -
Balance held with other bank - -
Prize bonds in hand - -
1,565,980,179 425,012,901

Net profit after tax - -
Number of ordinary shares outstanding - -
Earnings per share (EPS) - -

SONALI EXCHANGE CO. INC.
TO THE BOARD OF DIRECTORS AND SHAREHOLDERS
OF SONALI EXCHANGE CO. INC.
Opinion In preparing the financial statements, management is

required to evaluate whether there are conditions or
We have audited the accompanying financial statements
events, considered in the aggregate, that raise substantial
of Sonali Exchange Co, Inc. (a New York Corporation),
doubt about Sonali Exchange Coompany, Inc.’s ability
which comprise the balance sheet as of December
to continue as a going concern within one year after
31, 2023, and the related statements of income and
the date that the financial statements are available to be
comprehensive income, changes in stockholders’
issued.
equity, and cash flows for the year then ended, and the
related notes to the financial statements. Auditor’s Responsibilities for the Audit of the Financial
Statements
In our opinion, the financial statements referred to
above present fairly, in all material respects, the financial Our objectives are to obtain reasonable assurance
position of Sonali Exchange Company, Inc. as of about whether the financial statements as a whole are
December 31, 2023 and the results of its operations and free from material misstatement, whether due to fraud
its cash flows for the year then ended in accordance or error, and to issue an auditor’s report that includes
with accounting principles generally accepted in the our opinion. Reasonable assurance is a high level of
United States of America. assurance but is not absolute assurance and therefore is
not a guarantee that an audit conducted in accordance
Basis for Opinion
with generally accepted auditing standards will always
We conducted our audits in accordance with auditing detect a material misstatement when it exists. The
standards generally accepted in the United States of risk of not detecting a material misstatement resulting
America. Our responsibilities under those standards from fraud is higher than for one resulting from error,
are further described in the Auditor’s Responsibilities as fraud may involve collusion, forgery, intentional
for the Audit of the Financial Statements section of our omissions, misrepresentations, or the override of
report. We are required to be independent of Sonali internal control. Misstatements are considered material
Exchange Company, Inc. and to meet our other ethical if there is a substantial likelihood that, individually or
responsibilities in accordance with the relevant ethical in the aggregate, they would influence the judgment
requirements relating to our audits. We believe that made by a reasonable user based on the financial
the audit evidence we have obtained is sufficient and statements.
appropriate to provide a basis for our audit opinion.
In performing an audit in accordance with generally
Responsibilities of Management for the Financial accepted auditing standards, we:
Statements
• Exercise professional judgment and maintain
Management is responsible for the preparation professional skepticism throughout the audit.
and fair presentation of the financial statements in
• Identify and assess the risks of material misstatement
accordance with accounting principles generally
of the financial statements, whether due to fraud
accepted in the United States of America, and for the
or error, and design and perform audit procedures
design, implementation, and maintenance of internal
responsive to those risks. Such procedures include
control relevant to the preparation and fair presentation
examining, on a test basis, evidence regarding the
of financial statements that are free from material
amounts and disclosures in the financial statements.
misstatement, whether due to fraud or error.

SONALI BANK PLC
• Obtain an understanding of internal control relevant • Conclude whether, in our judgment, there are
to the audit in order to design audit procedures conditions or events, considered in the aggregate,
that are appropriate in the circumstances, but not that raise substantial doubt about Sonali Exchange
for the purpose of expressing an opinion on the Company Inc.’s ability to continue as a going
effectiveness of Sonali Exchange Company, Inc.’s concern for a reasonable period of time.
internal control. Accordingly, no such opinion is
We are required to communicate with those charged
expressed.
with governance regarding, among other matters, the
• Evaluate the appropriateness of accounting planned scope and timing of the audit, significant audit
policies used and the reasonableness of significant findings, and certain internal control related matters that
accounting estimates made by management, as we identified during the audit.
well as evaluate the overall presentation of the
financial statements.
New York, NY
February 29, 2024

Balance Sheet
2023 2022
Particulars Note
USD USD
PROPERTY AND ASSETS
Cash
Cash in Hand 632,595 1,119,682
Balance with Central Bank and its agent Bank(s) - -
1.00 632,595 1,119,682
In USA 1,439,423 1,676,572
Outside USA - -
2.00 1,439,423 1,676,572
Investments
Government - -
Others - -
4.00 - -
Loans and Advances
Loans, Cash Credit, Overdrafts, etc. - -
5.00 - -
Fixed Asset including Premises, Furniture and Fixture 6.00 20,746 15,345
Other Assets 7.00 3,508,845 2,539,690

Total Assets 5,601,609 5,351,289
Liabilities
Borrowing from other Banks, Financial Institutions & Agents 9.00 465,330 504,000
Current Accounts & Other Accounts etc. - -
Bills Payable - -
Savings Bank Deposits - -
Fixed Deposits - -
Other Deposits - -
10.00 - -
Other Liabilities 11.00 3,089,253 2,844,836
Total Liabilities 3,554,583 3,348,836
Paid up Capital 12.00 1,150,000 1,150,000
Surplus in Profit and Loss Account/Retained Earnings 16.00 897,026 852,453
Total Stockholder's Equity 2,047,026 2,002,453
Total Liabilities and Shareholders' Equity 5,601,609 5,351,289

SONALI BANK PLC

Balance Sheet
2023 2022
Particulars Note
USD USD
Off-Balance Sheet Items
Contingent Liabilities
Letters of Guarantee - -
Bills for Collection - -
Other Contingent Liabilities - -
17.00 - -
Other Commitments
Total Off Balance Sheet items including contingent liabilities - -
Net Asset Value (NAV) per Share 178.00 174.13

2023 2022
Particulars Note
USD USD
Operating Income
Interest income 18.00 8,772 6,049
Interest paid on deposit and borrowing etc. 19.00 5,011 5,045
Net Interest Income 3,761 1,004
Investment income 20.00 - -
Commission, exchange and brokerage 21.00 2,748,775 2,383,283
Other operating income 22.00 18,700 7,092
Operating Expenses
Salary and allowances 23.00 951,029 891,201
Rent, tax, insurance, electricity etc. 24.00 349,690 498,741
Legal expenses 25.00 6,235 -
Postage, stamps and telecommunication etc. 26.00 60,927 55,947
Printings, stationery, advertisements etc. 27.00 86,204 75,177
Chief Executive's salary and fees 28.00 143,548 114,929
Directors' fees 29.00 11,250 6,750
Auditors' fees 30.00 24,000 24,000
Depreciation & repair to bank's assets 31.00 379,228 7,676
Other expenses 32.00 738,826 707,315
Profit Before Provision, Amortization and Taxes C=(A-B) 20,299 9,643
Total Profit/(Loss) before Taxes E=(C-D) 20,299 9,643
Provision for taxation (F)
Current tax 7,499 2,773
Deferred tax - -
Total Provision for taxation (F) 7,499 2,773
Net Profit/(Loss) after Tax G=(E-F) 12,800 6,870
Appropriations
General Reserve - -
Reserve for CSR - -
Dividend etc. - -
Retained Surplus Carried Forward 12,800 6,870
Earnings Per Share (EPS) 37.00 1.11 0.60

SONALI BANK PLC

Cash Flow Statement
Particulars Amount in USD
Cash Flows From Operating Activities

Net Income (Loss) ( 2,735,975)
Adjustments to reconcile net (loss) to net cash (used in) operating activities:
Depreciation and Amortization Expense 11,709
(Increase) in Accounts Receivable (Net) - Related Party ( 614,001)
(Increase) in Security Deposits ( 4,256
(Increase) in Prepaid Insurance ( 28,319)
(Decrease) in Accounts Payable ( 26,830)
Increase in Accrued Taxes and Other Expenses 44,800
Increase in Due to Correspondence - Related Party 442,467
(Decrease) in Due to Beneficiary ( 540,000)
Net Cash (Used in) Operating Activities ( 3,450,405)
Cash Flows From Investing Activities

Purchase of Fixed Assets ( 11,109)
Purchase of Intangible Assets ( 6,000)
Net Cash (Used in) Investing Activities ( 17,109)
Cash Flows From Financing Activities

(Decrease) in Loan Payable - Shareholder ( 38,670)
Net Cash (Used in) Financing Activities ( 38,670)
Gain from Translation of Adjustment of Foreign Currency 2,748,775
Net (Decrease) in Cash and Cash Equivalents ( 757,409)
Cash and Cash Equivalents - Beginning of Year 2,797,654
Prior Period Adjustment 31,773
Cash and Cash Equivalents - End of Year 2,072,018
SUPPLEMENTAL DISCLOSURES
Cash Basis
Taxes Paid -
Interest Paid 44,340
Nonmonetary Operating Expenses
ROU assets (net of accumulated amortization of $1,080,353.) 1,815,085
Total operating lease liabilities 1,815,085

(Amount in USD)
Statutory Other Asset Revaluation Revaluation of Retained

Particulars Paid up Capital Total Equity
Reserve Reserve Reserve Investment Earnings
Balance as at 01 January 2023 1,150,000 - - - - 852,453 2,002,453
Prior Perod Adjusment - - - - - 31,773 31,773
Net Profit for the year (after appropriation) - - - - - 12,800 12,800
Share money transferred to paid up capital - - - - - - -
Transferred to Statutory Reserve - - - - - - -
Balance as at 31 December 2023 1,150,000 - - - - 897,026 2,047,026
Balance as at 31 December 2022 1,150,000 - - - - 852,453 2,002,453
ANNUAL REPORT 2023

403
404
Annexure-A
SONALI BANK PLC
Amount in USD
ANNUAL REPORT 2023

Sl Opening Adjustment
Particulars Opening Purchased Disposal Charged
No. Total as on balance for Total as on As on As on
balance as on during the during Rate during
31.12.2023 as on Disposal 31.12.2023 31.12.2023 31.12.2022
01.01.23 year the year the year
01.01.23 Assets
1 2 3 4 5=(2+3-4) 6 7 8 9 10=(7+8-9) 11=(5-10) 12
1 Furniture & Fixture 317,172 11,109 328,281 - 311,183 7,063 - 318,845 9,436 212
2 Computer & Accessories - - - - - - - - - - 5,777
3 Motor Vehicle - - - - - - - - - - -
4 Office Equipment 88,059 - 88,059 - - 88,059 - 88,059 - - -
Air Conditioner &

5 20,350 - 20,350 - - 20,350 - 20,350 - - -
Generator
6 Application of Software - 6,000 - 6,000 - - - - - 6,000 -
7 Leasehold Improvement 299,813 - - 299,813 - 290,457 4,046 294,503 5,310 9,356
Total Assets 725,394 17,109 108,409 634,094 - 710,049 11,109 108,409 613,348 20,746 15,345
Ref. Amount in USD
Notes Particulars
Note 2023 2022
1.00 Cash
Cash in hand 1.01 632,595 1,119,682
Balance with Central Bank and its Agent Bank's 1.02 - -
632,595 1,119,682
1.01 Cash In Hand
Local Currency (USD) 1.01.01 632,595 1,119,682
632,595 1,119,682
1.01.01 Local Currency (USD)

Cash in hand 632,595 1,119,682
632,595 1,119,682

- -
- -
Local Currency - -
- -

In USA
Local Currency 1,439,423 1,676,572
1,439,423 1,676,572
Bank Name
HAB Bank 632,595 1,676,572
Metro City Bank - -
Total 632,595 1,676,572

Bank Name
……………………. - -
……………………… - -
……………………… - -
Total - -

SONALI BANK PLC
Ref. Amount in USD

Notes Particulars
Note 2023 2022
4.00 Investments
Government Securities 4.01 - -
Total - -
Treasury bills-Primary - -
Government Notes/Bonds/other securities - -
Prize Bond -
Total Government Securities - -
Ordinary Share - -
Private Bond - -
Loans, cash credits and overdrafts 5.01 - -
- -
5.01 Loans and Advances (In and outside USA) including bills purchased and discounted
Inside USA 5.01.01 - -

Outside USA 5.02.02 - -
5.01.01 Inside USA

Loan - -
Cash Credit - -
Overdraft - -
- -
5.02.02 Outside USA
Loan - -
Cash Credit - -
Overdraft - -
- -
5.01.01 Head-wise Loans, Cash Credits and Overdrafts:

Inside USA
Loans
Demand Loan - -
House Building Loan (General) - -
Staff Loan - -
Agricultural Loan - -
Small Business Loan - -
Lease Finance - -
Personal Loan - -
Term Loan to Banks & NBFIs - -
Forced Loan A/C-EDF - -
- -

Ref. Amount in USD
Notes Particulars
Note 2023 2022
5.02.02 Outside USA
Demand Loan - -
Small Loan - -
Staff House Building Loan - -
- -
Total Loans - -

(A) Cost
Premises - -
Leasehold Improvement 299,813 299,813
Furniture & Fixture 328,281 317,172
Security System - 20,350
Office Equipment - 88,059
Machinery & Equipment - -
Application of Software 6,000 -
Total Cost Value 634,094 725,394
Premises - -
Furniture & Fixture 318,845 311,183
Security System - 20,350
Office Equipment - 88,059
Machinery & Equipment - -
Application of Software - -
Total Accumulated Depreciation 613,348 710,049
Written down value (A-B) 20,746 15,345
7.00 Other Asset
Investment in Shares - -
Interest, Commission and Exchange Receivable 1,573,001 959,000
Prepaid Expenses 28,319 -
1,601,320 959,000
Security Deposits 92,440 84,040
Advance Cover Funds - -
Advance deposit - -
Suspense A/C - -
Unresolved Account - -
Right of Use Assets 1,815,085 1,495,249
1,907,525 1,579,289
3,508,845 2,538,289

SONALI BANK PLC
Ref. Amount in USD

Notes Particulars
Note 2023 2022
Stamps on hand - -
Stationery on hand - -
- -
Advance Rent (Non Interest Bearing) - -
- -
7.03 Interest, Commission & Exchange receivable
Interest receivable - -
Commission receivable - -
Others receivable - -
- -

Rent - -
Salary - -
Law charges - -
Postage - -
Sundries - -
- -

Advance Recoverable - -
Salary & Allowances - -
Taxes - -
Insurance - -
Miscellaneous - -
- -
7.06 Others :
Others - -
- -

In USA - -
Outside USA 465,330 504,000
465,330 504,000
Current Deposit & Other Accounts - -
Bills Payable - -
Savings Deposits - -
Fixed Deposits - -
Other Deposits - -
- -
10.01 Current Deposit & Other Accounts - -

Ref. Amount in USD
Notes Particulars
Note 2023 2022
10.02 Bills Payable
Payment Order - -
Foreign Draft/Travelers Cheque Issued A/c. - -
Foreign Draft Payable A/c. - -
- -
10.03 Savings Bank Deposits - -
10.04 Fixed Deposits - -
10.05 Other Deposits - -

Security Deposit (Premises Sub lease) 5,444 1,300
Cover Funds - 474,876
Remittance Liabilities to Remitters - 839,581
Payroll Tax Liabilities 51,800 4,039
Others - 29,791
Due to Correspondence - Related Party 917,343.00 -
Due to Beneficiaries 299,581.00 -
Operating Lease Liabilities 1,456,712 240,264
Operating Lease Liability (Current Portion) 358,373 1,254,985
3,089,253.00 2,844,836.00
Authorized Capital 2,000,000 1,000,000
12.00 Paid up Capital 1,150,000 1,150,000

- -
- -

Balance at the beginning of the period 852,453 1,132,370
Net Profit After Tax 12,800 6,870

Stock Dividend - (190,500)
Cash Dividend with Tax - (12,000)
Prior Period Adjustment 31,773 (84,287)
Total Retained Surplus 897,026 852,453

Letters of guarantee - -
Bills for collection - -
- -

SONALI BANK PLC
Ref. Amount in USD

Notes Particulars
Note 2023 2022
On Loan and Advances - -
On Balance with other banks and financial institutions - -
Others Interest income - -
Interest Income (CD Accounts) 8,772 6,049
8,772 6,049
Interest on Deposits - -
Interest on Borrowings 5,011 5,045
Interest on Foreign Banks Account - -
Interest on others - -
5,011 5,045
Private Bond - -
- -
Commission - 423,621
Exchange 2,748,775 1,959,662
2,748,775 2,383,283

Rental Income (Sublease) 18,480 6500
Refunds 20 552
Cetificate Service Charge - 40
Sundries 200 -
18,700 7,092
Salaries (Basic Pay, House Rent & Other Allowance) 951,029 891,201
Festival Bonus - -
951,029 891,201
Rent 41,206 294,494
Taxes 85,593 605

Ref. Amount in USD
Notes Particulars
Note 2023 2022
Insurance 222,891 174,232
Power and electricity - 29,410
349,690 498,741
Law charges 6,235 -
6,235 -
Postage 3,956 3,849
Telephone 56,971 52,098
60,927 55,947
Stationery 36,546 34,570
Printing - -
Advertisement 49,658 40,607
86,204 75,177
Chief executive's salary and fees 143,548 114,929
143,548 114,929
Directors' fees & Honorium 11,250 6,750
11,250 6,750
Statutory Audit fee 24,000 24,000
24,000 24,000
Depreciation:
Premises - -
Sub-total 4,046 5,399
B) Dead stock
Furniture 7,063 102
Machinery & Equipment - 2,175
Others - -
Library - -
Sub-total 7,063 2,277
Amortization of ROU 368,119 -
Sub-total 368,119 -
Repairs:
Sub-total - -
Total 379,228 7,676

SONALI BANK PLC
Ref. Amount in USD

Notes Particulars
Note 2023 2022
Maintenance 18,212 69,321
Bank Charge 148,704 196,201
Business Losses 620 930
Cash Carrying 135,881 135,696
Licensing Expense 44,340 47,730
Entertainment 1,856 1,215
Compliance 28,083 16,091
Traveling Expenses 13,605 52,150
Utilities 18,740 -
Office Expenses 37,006 26,360
Outsource Services 74,575 37,553
Security Services 20,392 11,792
Computer Hardware Repairs & Maintenance 67,364 -
Computer Software Repairs & Maintenance - -
Sales tax 500 -
Amortization 600 -
Business Development - -
Honorarium to syaff - 92,276
Educational Expense 24,050 20,000
Children Education Allowance - -
Others (Cash Loss Due to Thef) 104,297 -
738,826 707,315
- -
Dealing securities
Quoted - -
Unquoted - -
Quoted - -
Unquoted - -
- -
- -
Cash in hand 632,595 1,119,682
Cash at Bank 1,439,423 1,676,572
Balance with Bangladesh Bank - -
Balance held with other bank - -
2,072,017 2,796,254
Net profit after tax 12,800 6,870
Number of ordinary shares outstanding 11,500 11,500
Earnings per share (EPS) 1.11 0.60

SONALI BANGLADESH (UK) LIMITED
Balance Sheet
(†mvbvjx evsjv‡`k (BD‡K)
SONALI BANGLADESH (UK) As at 31 December 2023
2023 2022
Particulars Note
GBP GBP
PROPERTY AND ASSETS
Cash
Cash in Hand 10,438 13,089
1.00 10,438 13,089
In UK 1,053,040 1,718,182
Outside UK - -
2.00 1,053,040 1,718,182
Money at Call on Short Notice 3.00 21,860,332 3,495,929
Investments
Government 1 35,985
Others - -
4.00 1 35,985
Loans and Advances
Loans, Cash Credit, Overdrafts, etc. 18,504,399 37,166,759
Bills Purchased and Discounted 117,957,504 145,010,744
5.00 136,461,903 182,177,503
Fixed Asset including Premises, Furniture and Fixture 6.00 1,561,073 1,496,041
Other Assets 7.00 634,098 4,269,982

Total Assets 161,580,885 193,206,712

Liabilities
Borrowing from other Banks, Financial Institutions & Agents 9.00 90,577,825 128,472,569
Bills Payable - -
Fixed Deposits - -
Other Deposits - -
10.00 - -
Other Liabilities 11.00 1,314,095 644,614
Total Liabilities 91,891,921 129,117,183
Paid up Capital 12.00 61,463,800 61,463,800
Other Reserve 14.00 2,297,135 1,129,466
Surplus in Profit and Loss Account/Retained Earnings 16.00 5,928,030 1,496,263
69,688,965 64,089,529
Total Liabilities and Shareholders' Equity 161,580,885 193,206,712
CEO Head of Finance

SONALI BANK PLC

2023 2022
Particulars Note
GBP GBP
Operating Income
Interest income 17.00 13,703,873 6,252,025
Interest paid on deposit and borrowing etc. 18.00 4,968,972 1,678,603
Net Interest Income 8,734,901 4,573,422
Commission, exchange and brokerage 20.00 2,626,017 1,357,274
Other operating income 21.00 386,198 226,361
Operating Expenses
Salary and allowances 22.00 1,852,758 1,994,003
Legal expenses 24.00 200,132 500,482
Postage, stamps and telecommunication etc. 25.00 28,487 21,393
Directors' fees 28.00 103,369 130,148
Auditors' fees 29.00 212,800 329,338
Depreciation & repair to bank's assets 30.00 135,928 92,901
Other expenses 31.00 1,025,489 1,111,423
Profit Before Provision, Amortization and Taxes C=(A-B) 7,973,810 1,802,557
Provision for loans & advances 32.00 153,508 (44,681)
Total Provision (D) 153,508 (44,681)
Total Profit/(Loss) before Taxes E=(C-D) 7,820,302 1,847,238
Provision for taxation (F) (1,892,272) (350,975)
Current tax (1,892,272) (350,975)
Deferred tax - -
Net Profit/(Loss) after Tax G=(E-F) 5,928,030 1,496,263
Appropriations
General Reserve - -
Reserve for CSR - -
Dividend etc. - -
CEO Head of Finance

(Amount in GBP)
Asset
Paid up Statutory Other Revaluation of Retained
Particulars Revaluation Total Equity
Capital Reserve Reserve Investment Earnings
Reserve
Balance as at 01 January 2023 61,463,800 - 1,129,466 - - 1,496,263 64,089,529
Transferred to other Reserve - - 1,496,263 - - (1,496,263) -
Surplus/deficit on account of revaluation of HTM, HFT and

- - - - - - -
Currency translation differences - - - - - - -
Net Profit for the year (after appropriation) - - - - - 5,928,030 5,928,030
Share money transferred to paid up capital - - - - - - -
Prior period Adjustments - - (328,594) - - - (328,594)
Balance as at 31 December 2023 61,463,800 - 2,297,135 - - 5,928,030 69,688,965
Balance as at 31 December 2022 61,463,800 - 1,129,466 - - 1,496,263 64,089,529
CEO Head of Finance
ANNUAL REPORT 2023

415
416
Annexure-A
SONALI BANK PLC
Amount in GBP
ANNUAL REPORT 2023

Sl Opening
Particulars Opening Purchased Disposal Charged Adjustment
No. Total as on balance Total as on As on As on
balance as on during the during Rate during for Disposal
31.12.2023 as on 31.12.2023 31.12.2023 31.12.2022
01.01.23 year the year the year Assets
01.01.23
1 2 3 4 5=(2+3-4) 6 7 8 9 10=(7+8-9) 11=(5-10) 11=(5-10)
1 Freehold land & buildings 2,461,592 5,443 - 2,467,035 - 1,000,253 72,618 - 1,072,871 1,394,165 1,461,339
2 Furniture & Fixture 441,741 65,859 - 507,600 - 415,893 25,767 - 441,660 65,940 25,848
3 Computer & Accessories 368,294 129,657 - 497,951 - 365,208 31,775 - 396,983 100,968 3,086
4 Right of use 285,737 - - 285,737 - 285,736 1 - 285,737 - 1
5 Air Conditioner & Generator - - - - - - - - - - -
6 Application of Software 80,761 - - 80,761 - 74,994 5,767 - 80,761 - 5,767
7 Interior Decoration - - - - - - - - - - -
Total Fixed Assets 3,638,125 200,959 - 3,839,084 - 2,142,084 135,928 - 2,278,012 1,561,073 1,496,041
CEO Head of Finance

Ref. Amount in GBP
Notes Particulars
Note 2023 2022
1.00 Cash
Cash in hand 1.01 10,438 13,089
10,438 13,089
1.01 Cash In Hand
Local Currency 1.01.01 - -
Foreign Currency 1.01.02 10,438 13,089
10,438 13,089

Cash in hand - -
- -

Foreign Currency in hand 10,438 13,089
10,438 13,089
Local Currency - -
- -
Local Currency - -
Foreign Currency 1,053,040 1,718,182
1,053,040 1,718,182
Bank Balance Sterling 346,686 1,313,384

Bank Balance Other Currencies 706,353 404,798
Total 1,053,040 1,718,182
Designated Money Market 21,860,332 3,495,929

Total 21,860,332 3,495,929
4.00 Investments
Government Securities 4.01 1 35,985
Total 1 35,985

Government Securities HQLA - 35,984
Bonds Investment of HTM 1 1
Total Government Securities 1 35,985

SONALI BANK PLC
Ref. Amount in GBP

Notes Particulars
Note 2023 2022
Ordinary Share - -
Private Bond - -
5.00 Loans and Bills

Loans and Advances 5.01 18,504,399 37,166,759
Bills purchased and discounted 5.02 117,957,504 145,010,744
136,461,903 182,177,503
Demand Loan - -
Staff Loan - -
Lease Finance - -
Personal Loan - -
Term Loan to Banks & NBFIs 18,504,399 32,166,759
18,504,399 32,166,759
5.02 Bills purchased and discounted
Bills purchased and discounted 117,957,504 145,010,744
117,957,504 145,010,744
Total Loans - -

Written down value
Land & Buildings 1,394,165 1,461,339
Others 166,908 34,702
Total 1,561,073 1,496,041
7.00 Other Asset

Interest, Commission and Exchange Receivable - -
Prepaid Expenses 607,211 279,063
607,211 279,063
Derivative 26,887 3,990,919
Others - -
26,887 3,990,919
634,098 4,269,982

Ref. Amount in GBP
Notes Particulars
Note 2023 2022
Rent - -
Sundries 607,211 279,063
607,211 279,063
In UK - -
Outside UK 90,577,825 128,472,569
90,577,825.13 128,472,569.00
10.00 Deposits and Other Accounts

Bills Payable - -
Fixed Deposits - -
Other Deposits - -
- -
11.00 Other Liabilities

Provision for Classified loans - -
Provision for Un-Classified loans - -
Interest Suspense - -
Provision for Income Tax - (350,975)
Derivative 266,295 (175,750)
Others 1,047,800 1,171,339
1,314,095 644,614
12.00 Paid up Capital 61,463,800 61,463,800

61,463,800 61,463,800

14.00 Other Reserves
Opening Balance 2,625,729 1,129,466
Prior period Adjustments (328,594) -
2,297,135 1,129,466.00

- -
Balance at the beginning of the period - -
Net Profit After Tax 5,928,030 1,496,263

Total Retained Surplus 5,928,030 1,496,263

SONALI BANK PLC
Ref. Amount in GBP

Notes Particulars
Note 2023 2022
On Loan and Advances 13,703,873 6,252,025
Others Interest income - -
13,703,873 6,252,025

Interest on Deposits 4,968,972 1,678,603
Interest on Borrowings - -
4,968,972 1,678,603
Private Bond - -
- -
Commission 2,626,017 1,284,021
Exchange - 73,253
2,626,017 1,357,274

Sundries 386,198 226,361
386,198 226,361
Salaries (Basic Pay, House Rent & Other Allowance) 1,852,758 1,994,003
Festival Bonus - -
1,852,758 1,994,003

Rent - 17,274
Taxes - -
Insurance 105,521 202,503
Power and electricity 58,048 3,529
163,568 168,663

Ref. Amount in GBP
Notes Particulars
Note 2023 2022

Law charges - 494,649
Other Legal Expenses 200,132 5,833
200,132 500,482
Postage 9,840 8,950
Telephone 18,647 12,443
28,487 21,393
26.00 Printing, Stationery, Advertisement, etc. - -
Stationery - -
Printing 12,810 6,150
Advertisement 37,965 -
50,774 6,150
- -
Directors' fees & Honorium 103,369 130,148
103,369 130,148
Statutory Audit fee 212,800 329,338
212,800 329,338
Depreciation:
Land and Building 135,928 92,901
Sub-total 135,928 92,901
B) Dead stock
Furniture - -
Library - -
Sub-total - -
Sub-total - -
135,928 92,901
Repairs:
Sub-total - -
Total 135,928 92,901

SONALI BANK PLC
Ref. Amount in GBP

Notes Particulars
Note 2023 2022
Repairs to Rented Property - -
Books and News Paper - -
Pay of Police guards 3,445 17,652
Motor Car Maintenance - 18,374
Hired Transport - -
Entertainment 25,717 7,174
Conveyance - -
Traveling Expenses 11,995 12,108
Operating Lease Payments 11,464 6,603
Bank Charge 167,715 170,794
Subscription 5,872 13,746
Rates 70,838 77,002
Service Charge 42,943 54,734
Computer Software Repairs & Maintenance 509,938 474,326
Office Cleaning 30,640 18,082
Training Expenses 35,307 1,387
Business Development 28,201 77,022
Board Department 71,191 5,035
Sundries 10,224 50
Recruitment - 45,335
Redundancy - 112,000
1,025,489 1,111,423
Provision for Classified Loans & Advances 153,508 (44,681)
153,508 (44,681)
Dealing securities
Quoted - -
Unquoted - -
Quoted - -
Unquoted - -
- -
- -
Cash in hand 10,438 13,089
Cash at Bank - -
Money at call on short notice 21,860,332 5,220,008
Balance held with other bank 1,053,040 3,339,926
22,923,810 8,573,023
Net profit after tax 5,928,030 1,496,263

SONALI PAY (UK) LIMITED
Balance Sheet
2023 2022
Particulars Note
GBP GBP
PROPERTY AND ASSETS
Cash
Cash in Hand - -
1.00 - -
In UK 933,182 79,997
Outside UK 41,278 -
2.00 974,460 79,997
Investments
Government - -
Others - -
4.00 - -
Loans and Advances
Loans, Cash Credit, Overdrafts, etc. - -
5.00 - -
Fixed Asset including Premises, Furniture and Fixture 6.00 138,628 -
Other Assets 7.00 13,428 -

Total Assets 1,126,516 79,997
Liabilities
Borrowing from other Banks, Financial Institutions & Agents 9.00 - -
Bills Payable - -
Fixed Deposits - -
Other Deposits - -
10.00 - -
Other Liabilities 11.00 579,736 175,110

Total Liabilities 579,736 175,110
Paid up Capital 12.00 1,000,000 -
Surplus in Profit and Loss Account/Retained Earnings 16.00 (453,220) (95,113)
546,780 (95,113)
Total Liabilities and Shareholders' Equity 1,126,516 79,997
CEO Head of Finance

SONALI BANK PLC

2023 2022
Particulars Note
GBP GBP
Operating Income
Interest income 17.00 - 1
Interest paid on deposit and borrowing etc. 18.00 - -
Net Interest Income - 1
Commission, exchange and brokerage 20.00 4,965 -
Other operating income 21.00 510 -
Total Operating Income (A) 5,475 1
Operating Expenses
Salary and allowances 22.00 146,870 51,951
Legal expenses 24.00 - -
Postage, stamps and telecommunication etc. 25.00 - -
Directors' fees 28.00 - -
Auditors' fees 29.00 - -
Depreciation & repair to bank's assets 30.00 9,572 -
Other expenses 31.00 176,570 38,342
Total Operating Expenses (B) 363,582 95,114
Profit Before Provision, Amortization and Taxes C=(A-B) (358,108) (95,113)
Total Profit/(Loss) before Taxes E=(C-D) (358,108) (95,113)
Provision for taxation (F) - -
Current tax - -
Deferred tax - -
Net Profit/(Loss) after Tax G=(E-F) (358,108) (95,113)
Appropriations
General Reserve - -
Reserve for CSR - -
Dividend etc. - -
CEO Head of Finance

Amount in GBP
Asset
Paid up Statutory Other Revaluation of Retained
Particulars Revaluation Total Equity
Capital Reserve Reserve Investment Earnings
Reserve
Balance as at 01 January 2023 - - - - - (95,113) (95,113)
Adjustment of deferred tax - - - - - - -

Surplus/deficit on account of revaluation of HTM, HFT and
- - - - - - -
Currency translation differences - - - - - - -
Net Profit for the year (after appropriation) - - - - - (358,108) (358,108)
Share money transferred to paid up capital 1,000,000 - - - - - 1,000,000
Transferred to Other Reserve - - - - - -
Balance as at 31 December 2023 1,000,000 - - - - (453,220) 546,779
Balance as at 31 December 2022 - - - - - (95,113) (95,113)
CEO Head of Finance
ANNUAL REPORT 2023

425
426
Annexure-A
Amount in GBP
SONALI BANK PLC

Sl Opening
Particulars Purchased Disposal Opening Charged Adjustment
No. balance Total as on Total as on As on As on
during the during Rate balance as during for Disposal
ANNUAL REPORT 2023

as on 31.12.2023 31.12.2023 31.12.2023 31.12.2022
year the year on 01.01.23 the year Assets
01.01.23
1 2 3 4 5=(2+3-4) 6 7 8 9 10=(7+8-9) 11=(5-10) 11=(5-10)
1 Freehold land & buildings - - - - - - - - - - -
2 Furniture & Fixture - - - - - - - - - - -
3 Computer & Accessories - - - - - - - - - - -
4 Right of use - - - - - - - - - - -
Air Conditioner &

5 - - - - - - - - - - -
Generator
6 Application of Software - - - - - - - - - - -
Intangibles (Intelectual
7 - 148,200 - 148,200 - - 9,572 - 9,572 138,628 -
property Assets - software
Total Fixed Assets - 148,200 - 148,200 - - 9,572 - 9,572 138,628 -
CEO Head of Finance

Ref. Amount in GBP
Notes Particulars
Note 2023 2022
1.00 Cash
Cash in hand 1.01 - -
- -
1.01 Cash In Hand
Local Currency 1.01.01 - -
- -

Cash in hand - -
- -

- -
Local Currency - -
- -
In UK 933,182 -
Outside UK 41,278 79,997
974,460 79,997
In UK: Bank Balance Sterling

CAB GBP Current 931,731
CAB GBP Safeguarding 1,333
CAB Operational Account 118 933,182 79,997
Outside UK: Bank Balance Sterling and Other Currencies
SBPLc-GBP Nostro a/c 3478000150 5,000
SBPLc-NR TK Nostro a/c 3402001827 28,423
SBPLc-USD Nostro a/c 3478000148 7,855 41,278
Total 974,460 79,997
Designated Money Market - -

Total - -

SONALI BANK PLC
Ref. Amount in GBP

Notes Particulars
Note 2023 2022
4.00 Investments
Government Securities 4.01 - -
Total - -

Government Securities HQLA - -
Bonds Investment of HTM - -
Total Government Securities - -

Ordinary Share - -
Private Bond - -
5.00 Loans and Bills
Loans and Advances 5.01 - -
- -
Demand Loan - -
Staff Loan - -
Lease Finance - -
Personal Loan - -
Term Loan to Banks & NBFIs - -
- -
5.02 Bills purchased and discounted
- -
Total Loans - -
Written down value
Land & Buildings - -
Others 138,628 -
Total 138,628 -
7.00 Other Asset

Sripe Collection-Receivable A/C 13,428 -
Prepaid Expenses 7.01 - -
13,428 -
Derivative - -
Others - -
- -
13,428 -

Ref. Amount in GBP
Notes Particulars
Note 2023 2022

Rent - -
Sundries -
- -

In UK - -
Outside UK - -
- -
Bills Payable - -
Fixed Deposits - -
Other Deposits - -
- -

Provision for Classified loans - -
Provision for Un-Classified loans - -
Interest Suspense - -
Provision for Income Tax - -
Customer Remittance Payable Account 6,642 -
Derivative - -
Loan-Due to Related party SBUK 573,094 175,110
579,736 175,110
12.00 Paid up Capital 1,000,000 -

1,000,000 -

- -

- -

- -
Balance at the beginning of the period (95,113) -
Net Profit After Tax (358,108) (95,112.68)
Total Retained Surplus (453,220) (95,113)

SONALI BANK PLC
Ref. Amount in GBP

Notes Particulars
Note 2023 2022
On Loan and Advances - -
Others Interest income - 1
- 1
Interest on Deposits - -
Interest on Borrowings - -
- -
Private Bond - -
- -
Commission(Remittance Fee) 1,197 -
Exchange 3,768 -
4,965 -

Sundries 510 -
510 -
Salaries (Basic Pay, House Rent & Other Allowance) 137,588 51,951
Contribution to Pension, National Insurance & Gratuity Fund 1,282 -
Incentive Bonus/Monetary benefit/Exgratia to Staff 8,000 -
Others - -
146,870 51,951
Rent - -
Taxes - -
Insurance - -
Power and electricity/Light, Power, Heating 20,116 3,404
20,116 3,404

Ref. Amount in GBP
Notes Particulars
Note 2023 2022
24.00 Legal and Professional fees

Legal and Professional fees - -
- -
Postage - -
Telephone - -
- -
Stationery - -
Printing - -
Advertisement 10,454 1,417
10,454 1,417

- -

Directors' fees & Honorium - -
- -

Statutory Audit fee - -
- -
Depreciation:
Land and Building - -
Sub-total - -
B) Dead stock
Furniture - -
Computer Software 9,572 -
Library - -
Sub-total 9,572 -

Sub-total - -
9,572 -
Repairs:
Sub-total - -
Total 9,572 -

SONALI BANK PLC
Ref. Amount in GBP

Notes Particulars
Note 2023 2022
Accommodation 297 -
Bank Charges EUR 39,176 -
Bank Charges GBP 60,356 20,004
Bank Revaluations 642
Building Security 410 2,901
Cleaning 3,012 1,821
Consultancy - API 16,708
Discount to Customers 250
Entertainment-100% business (Staff) 256
General Expenses 261
IT Software and Consumables, Consultancy 32,213 4,820
Legal Expenses 14,612
Mileage 407
Printing & Stationery & Office Supplies 486
Regulatory Expenses 648
Repairs & Maintance Building and Property 460 7,183
Stripe charges a/c 3,153
Travel - National 3,222 1,613
Sundries - -
Recruitment - -
Others - -
176,570 38,342
- -
Dealing securities
Quoted - -
Unquoted - -
Quoted - -
Unquoted - -
- -
- -
Cash in hand - -
Cash at Bank - -
Balance held with other bank 974,460 79,997
974,460 79,997
Net profit after tax (358,108) (95,113)

DOMESTIC BRANCHES
OF SONALI BANK PLC
SL CORPORATE BRANCHES 14 NAGAR BHABAN DHAKA
1 LOCAL OFFICE 15 RAJUK BHABAN DHAKA
2 BANGA BANDHU AVENUE CORPORATE DHAKA 16 REGISTRATION COMPLEX BRANCH
3 RAMNA CORPORATE 17 SEGUN BAGICHA
4 AGRABAD CORPORATE CHATTOGRAM 18 SONARGAON HOTEL BRANCH, DHAKA
5 BARISHAL CORPORATE
19 SONARGAON ROAD DHAKA
6 BOGURA CORPORATE
20 SUPREME COURT
7 BRAHMANBARIA CORPORATE, BRAHMANBARIA
21 TEJGAON INDUSTRIAL AREA
8 CHOWK BAZAR CORPORATE DHAKA
9 CUMILLA CORPORATE BRANCH, CUMILLA
PRINCIPAL OFFICE: DHAKA EAST
1 AWLAD HOSSAIN MARKET
10 DARGAGATE CORPORATE SYLHET
2 BADDAH
11 DAULATPUR CORP. BR.(KHULNA)
12 DHAKA CANTT. CORPORATE 3 BASHABO
13 DHAKA UNIVERSITY CAMPUS CORPORATE BR 4 BAWANINAGAR

14 DHANMONDI CORPORATE DHAKA 5 DAYAGONJ
15 DILKUSHA CORPORATE DHAKA 6 FAKIRAPOOL
16 DINAJPUR CORPORATE BR. 7 GORAN
17 FARIDPUR CORPORATE 8 ISHWAR CH.STREET
18 FOREIGN EXCHANGE CORPORATE DHAKA 9 JATRABARI
19 GULSHAN CORPORATE BRANCH, 10 KAMALAPUR RAILWAY STATION ICD
20 HOTEL INTERCONTINENTAL CORPORATE BR. DHAKA 11 KHILGAON
21 JAMALPUR CORPORATE BRANCH,
12 MALIBAGH
22 JASHORE CORPORATE BR.
13 MOGH BAZAR
23 KHULNA CORPORATE BR.
14 NOWABPUR ROAD
24 LALDIGHI CORPORATE CHATTOGRAM
15 RAMPURA
25 MYMENSINGH CORPORATE
16 SAIDABAD BUS TERMINAL
26 NARAYANGONJ CORPORATE BR.
17 SHAHJAHANPUR
27 NOAKHALI CORPORATE BRANCH,
28 PRIME MINISTER S OFFICE CORP DHAKA 18 VIQUARUNNISSA NOON SCHOOL
29 RAJSHAHI CORPORATE BR. 19 WARI DHAKA

30 RANGPUR CORPORATE PRINCIPAL OFFICE: DHAKA WEST
31 SADARGHAT CORPORATE DHAKA 1 AGARGAON DHAKA
32 SHILPA BHABAN CORPORATE 2 AGRANI BALIKA BIDYALAYA
33 SYLHET CORPORATE 3 B.I.S.E DHAKA
34 UTTARA MODEL TOWN CORPORATE BRANCH 4 B.M.E.B.
35 WAGE EARNERS CORP. CHATTOGRAM 5 B.U.E.T.
36 WAGE EARNERS CORPORATE DHAKA
6 BAJME KADERIA COMPLEX
37 WAPDA CORP. DHAKA
7 COLLEGE GATE MOHAMMADPUR DHAKA
"GENERAL MANAGER'S OFFICE: DHAKA-CENTRAL 8 GANA BHABAN
PRINCIPAL OFFICE: BANGABANDHU AVENUE (DHAKA CENTRAL)" 9 GREEN ROAD DHAKA
1 BAITUL MOKKARRAM 10 HAZARIBAG DHAKA
2 BANANI 11 JATIO SANGSHAD BHABAN DHAKA
3 BANANI BAZAR 12 JHIKATALA

13 KALLYANPUR
4 BANGA BANDHU JATIO STADIUM DHAKA
14 KRISHI BAZAR BRANCH
5 BANGABHABAN BRANCH DHAKA
15 LALBAG ROAD DHAKA
6 BARIDHARA
16 LALMATIA
7 FARMGATE
17 MANIK MIAH AVENUE
8 GULSHAN NEW NORTH CIRCLE
18 MOHAMMADPUR BAZAR
9 KAKRAIL
19 MOKIMKATRA
10 KAWRAN BAZAR 20 NEW MARKET DHAKA
11 KRISHI BHABAN 21 PUBLIC SERVICE COMMISSION DHAKA
12 MOHAKHALI 22 SATMASJID ROAD
13 N.C.T.B., DHAKA 23 URDU ROAD

SONALI BANK PLC
“GENERAL MANAGER’S OFFICE: DHAKA-SOUTH 10 MADANGANJ NARAYANGONJ
PRINCIPAL OFFICE: DHAKA SOUTH” 11 MUGRAPARA NARAYANGONJ
1 AGLA 12 NABIGANJ NARAYANGONJ
2 ARMANITOLA 13 NARAYANGANJ DOCKYARD
3 ATIBAZAR 14 NETAIGANJ
4 BABUBAZAR 15 PUNCHRUKHI
5 CHURAIN 16 RUPGANJ NARAYANGANJ
6 D.C.HALL BRANCH DHAKA 17 SONARGAON
7 DISTILARY ROAD 18 TARABOO BAZAR
8 FARASHGANJ PRINCIPAL OFFICE: NARSHINGDI

9 JOYPARA 1 BAKHAR NAGAR
10 KALAKOPA DHAKA 2 BELABOO
11 KALATIA 3 BELTALI BAZAR NARSHINGDI
12 KERANIGANJ 4 COURT BUILDING NARSHINGDI
13 LAXMI BAZAR DHAKA 5 DANGA
14 MITFORD ROAD 6 GHORASAL NARSHINGDI
15 NAWABGANJ DHAKA 7 GORADIA
16 NAYA BAZAR 8 HATIRDIA BAZAR
17 NAZIM UDDIN ROAD 9 MADHABDI NARSHINGDI
18 NAZIRA BAZAR 10 MONOHARDI
19 NORTH SOUTH ROAD 11 NARAYANPUR BAZAR NARSHINGDI
20 PALAMGANJ 12 NARSHINGDI
21 PANGAON ICT 13 PALASH
22 POSTAGOLA 14 PANCHDONA
23 RASULPUR BAZAR DHAKA 15 PORADIA BAZAR NARSHINGDI
24 RUHITPUR DHAKA 16 PUTIA NARSHINGDI
PRINCIPAL OFFICE: MUNSHIGONJ 17 RAIPURA NARSHINGDI
1 BALURCHAR 18 RAMPUR BAZAR
2 BASAIL MUNSHIGONJ 19 SAIDABAD NARSHINGDI
3 BHABER CHAR MUNSHIGONJ 20 SATIRPARA NARSHINGDI
4 DAMLA 21 SHIBPUR NARSHINGDI
5 DIGHOLI BAZAR "GENERAL MANAGER'S OFFICE: DHAKA-NORTH

6 GAZARIA (MUNSHIGONJ) PRINCIPAL OFFICE: GAZIPUR"
7 HALDIA BAZAR 1 B.A.R.I. GAZIPUR
8 KEYAIN 2 B.B.SK. MUJIB KRISHI BISWABIDDALAYA
9 MAWA MUNSHIGONJ 3 B.R.R.I GAZIPUR
10 MUNSHIGANJ 4 BARMI BAZAR
11 REKABI BAZAR 5 BHAWAL JAMALPUR
12 SAYEDPUR MUNSHIGONJ 6 BOF GAZIPUR CANTONMENT
13 SHEKHAR NAGAR MUNSHIGANJ 7 BSCIC INDUSTRIAL AREA TONGI
14 SIRAJDHI KHAN MUNSHIGONJ 8 GAZIPUR COURT BUILDING
15 SREE NAGAR MUNSHIGONJ 9 GAZIPUR SADAR UPAZILLA COMPLEX
16 SUKHBASHPUR MUNSHIGONJ 10 JATIO BISWABIDDALAYA GAZIPUR
17 TALTALA MUNSHIGANJ 11 JOYDEVPUR

18 TONGI BARI 12 KALIAKOIR GAZIPUR
PRINCIPAL OFFICE: NARAYANGONJ 13 KALIGANJ GAZIPUR

1 ARAIHAZAR NARAYANGONJ 14 KAPASIA
2 BANDAR NARAYANGONJ 15 PUBAIL BAZAR
3 DHARMAGANJ 16 RAJENDRAPUR CANTONMENT GAZIPUR
4 DHUPTARA NARAYANGONJ 17 SHAFIPUR ANSAR ACADEMY COMPLEX
5 FATULLAH 18 SINGHA SREE BAZAR GAZIPUR
6 FOREIGN EXCHANGE. NARAYANGONJ 19 SREEPUR THANA HEAD QUARTER GAZIPUR
7 GODNAIL BR. (N.GONJ) 20 STATION ROAD TONGI
8 GOPALDI BAZAR 21 TONGI
9 KURIPARA NARAYANGANJ 22 TONGI BAZAR

PRINCIPAL OFFICE: MANIKGANJ 4 CHOWK BAZAR BARISHAL
1 BALIRTEK BAZAR MANIKGANJ 5 HALTA BANDAR BARISHAL
2 CHANDOIR MANIKGANJ 6 HIZLA BARISHAL
3 DARGRAM MANIKGANJ 7 JHALAKATI COURT BUILDING
4 DAULATPUR 8 KAMARKHALI BARISHAL
5 GHIOR MANIKGONJ 9 KATHALIA JHALOKATHI
6 HARIRAMPUR MANIKGANJ 10 KAZIRHAT BARISHAL
7 MANIKGANJ 11 MEHENDIGONJ BARISHAL
8 MANIKGANJ UPAZILLA COMPLEX Br. 12 MOLLAR HAT (JHALAKATI)
9 SATURIA MANIKGANJ 13 MULADI BARISHAL
10 SHIVALAYA MANIKGONJ 14 NACHAN MAHAL (JHALAKATI)
11 SINGAIR 15 NALCHITY JHALOKATI
PRINCIPAL OFFICE: MIRPUR 16 NEAMATI BANDAR BARISHAL
1 ASHULIA BAZAR 17 RAJAPUR JHALOKATHI
2 BEGUM ROKEYA SHARANI 18 SAGARDI
3 CUSTOM HOUSE BRANCH DHAKA 19 SHAHEBERHAT BARISHAL
4 DHAKA RAPTANI PRAKRIAKARAN ALAKHA PRINCIPAL OFFICE: BARISHAL WEST
5 DHAMRAI 1 AGAILJHARA
6 HAZRAT SHAHJALAL INTERNATIONAL AIRPORT 2 ARATDHAR PATTY BARISHAL
7 HEMAYETPUR BRANCH 3 BANARIPARA BARISHAL
8 IBRAHIMPUR 4 BARISHAL CADET COLLEGE
9 KALAMPUR 5 C AND B ROAD BARISHAL
10 KURMITOLA 6 CHAKHAR BARISHAL
11 MIRPUR CANTONMENT 7 COLLEGE ROAD BARISHAL
12 MIRPUR SECTION-1 8 DHAMURA
13 MIRPUR SHILPA ELAKA 9 GOILA
14 NAVAL HEADQUARTERS 10 GOURNADI BARISHAL
15 NAYARHAT DHAKA 11 GUTHIA BARISHAL
16 PALLABI BR. DHAKA 12 KHANPURA BARISHAL
17 PATC 13 MEDAKUL BARISHAL
18 SAVAR 14 NALCHIRA BARISHAL
19 SAVAR CANTONMENT 15 PAISARHAT
20 UTTARKHAN BRANCH 16 TORKEY BANDAR BARISHAL
PRINCIPAL OFFICE: TANGAIL 17 UZIRPUR BANDAR BARISHAL
1 BASHAIL TANGAIL PRINCIPAL OFFICE: BHOLA
2 COURT BUILDING BRANCH TANGAIL 1 BANGLA BAZAR BHOLA
3 DELDUAR TANGAIL 2 BHOLA
4 ELANGA BRANCH 3 BORHANUDDIN BHOLA
5 GORAI TANGAIL 4 CHAR FASHION BHOLA
6 LOWHATI 5 DAULATKHAN
7 MIRZAPUR TANGAIL 6 GAZARIA BHOLA
8 MOWLANA BHASANI SCIENCE AND TECHNOLOGY 7 LALMOHAN BHOLA
9 MYMENSHINGH ROAD BR.TANGAIL 8 MANPURA BHOLA
10 NAGARPUR TANGAIL 9 MOHAJANPATTY BHOLA
11 PAKULLA BAZAR TANGAIL 10 TAJUMUDDIN
12 PAKUTIA TANGAIL PRINCIPAL OFFICE: PATUAKHALI
13 SAADAT BAZAR BRANCH, KOROTIA 1 AMTALI BARGUNA
14 SHAKHIPUR TANGAIL 2 BAKUL BARIA PATUAKHALI
15 TANGAIL 3 BAMNA BARGUNA
16 TANGAIL BAZAR TANGAIL 4 BARGUNA COURT BUILDING
17 VICTORIA ROAD BRANCH TANGAIL 5 BAUPHAL
"GENERAL MANAGER'S OFFICE: BARISHAL 6 BETAGI BARGUNA
PRINCIPAL OFFICE: BARISHAL EAST" 7 BOGA BANDAR
1 BAKERGONJ BARISHAL 8 DASHMINA PATUAKHALI
2 BARISHAL UNIVERSITY 9 DUMKI PATUAKHALI
3 CHARAMADDI BARISHAL 10 GALACHIPA

SONALI BANK PLC
11 KALAPARA BANDAR PRINCIPAL OFFICE: JOYPURHAT

12 MOHIPUR PATUAKHALI 1 AKKELPUR
13 MOUKARAN BAZAR PATUAKHALI 2 HATIL JOYPURHAT
14 NEW TOWN (PATUAKHALI) 3 JOYPURHAT
15 PATHARGHATA (BARGUNA) 4 JOYPURHAT EAST JOYPURHAT
16 PATUAKHALI 5 JOYPURHAT EAST JOYPURHAT
17 PAYRA BANDAR, PATUAKHALI 6 KHETLAL
18 RANGABALI BRANCH 7 PANCHBIBI
19 SUBIDKHALI 8 PUNATHAT JOYPURHAT
20 TALTOLI BRANCH PRINCIPAL OFFICE: SIRAJGONJ

1 BAGHABARIGHAT SIRAJGANJ
21 ULANIA BAZAR
2 CHANDAIKONA
PRINCIPAL OFFICE: PIROJPUR
3 CHOWBARI
1 SWARUPKATI PIROJPUR
4 COURT BHABAN SIRAJGANJ
2 NAZIRPUR PIROJPUR
5 DHANGORA SIRAJGONJ
3 KAWKHALI PIROJPUR
6 ENAYETPUR SIRAJGONJ
4 MATHBARIA
7 HATIKUMRUL SIRAJGONJ
5 TUSHKHALI PIROJPUR
8 JAMTOIL SIRAJGONJ
6 SREERAMKATI
9 KAZIPUR
7 BHANDARIA PIROJPUR
10 KHASH KAWLIA
8 PARERHAT PIROJPUR
11 LAHIRI MOHANPUR
9 INDURKANI BR.
12 NAOGAON BAZAR SIRAJGONJ
10 PIROJPUR 13 NATUARPARA SIRAJGANJ
"GENERAL MANAGER'S OFFICE: BOGURA
14 SADANANDAPUR BR.
PRINCIPAL OFFICE: BOGURA NORTH"
1 ADAMDIGHI 15 SHAHID SHORAWARDY SIRAJGONJ
2 BALUAHAT BOGURA 16 SHAHZADPUR SIRAJGANJ
3 BOGURA BAZAR BOGURA 17 SHOHAGPUR SIRAJGANJ
4 COLLEGE ROAD BOGURA 18 SIRAJGANJ BRANCH SIRAJGANJ

19 SONAMUKHI SIRAJGANJ
5 DUPCHANCHIA
20 TARASH
6 GUZIA BOGURA
21 ULLAPARA
7 JAMURHAT
"GENERAL MANAGER'S OFFICE: CHATTOGRAM NORTH
8 MOKAMTALA PRINCIPAL OFFICE: BANDARBAN"
9 NAMUZAHAT BOGURA 1 ALI KADAM
10 NASHARATPUR 2 BANDARBAN
11 SANTAHAR 3 LAMA
12 SHAHAR PUKUR 4 NAIKHANGCHARI
13 SHIBGONJ BOGURA 5 ROWANGCHARI
14 SONATOLA BOGURA 6 RUMA
15 SYED AHMED COLLEGE STATION BOGURA 7 THANCHI
PRINCIPAL OFFICE: BOGURA SOUTH PRINCIPAL OFFICE: CHATTOGRAM-CENTRAL

1 ASADGONJ CHATTOGRAM
1 AZIZUL HOQUE COLLEGE BOGURA
2 CHAKTAI CHATTOGRAM
2 BOGURA CANTONMENT
3 CHATTOGRAM MEDICAL COLLEGE BR.
3 DHUNAT BOGURA
4 COURT HILL CHATTOGRAM
4 DURGAPUR (BOGURA)
5 JAMALKHAN ROAD
5 GABTALI
6 KALIBARI CHATTOGRAM
6 GOHAIL ROAD BOGURA
7 KHATUNGONJ CHATTOGRAM
7 JAMADARPUKUR HAT BOGURA
8 KORBANIGONJ CHATTOGRAM
8 KAHALOO BOGURA
9 MAJIRGHAT CHATTOGRAM
9 NANDIGRAM
10 MITHAGALI
10 PALLY UNNAYAN ACADEMY BOGURA
11 NA CHOWDHURY ROAD CHATTOGRAM
11 RANABAGHA BAZAR BOGURA
12 NEW MARKET CHATTOGRAM
12 SHAHEED ZIAUR RAHMAN MEDICAL COLLEGE HOSPITAL
13 RAILWAY BUILDING BR CHATTOGRAM
13 SHARIAKANDI BOGURA 14 REAZ UDDIN BAZAR
14 SHERPUR BOGURA 15 SADARGHAT CHATTOGRAM
15 SHERPUR ROAD BOGURA 16 SIRAJUDDOWLA ROAD CHATTOGRAM
16 TALORA 17 TERRI BAZAR CHATTOGRAM

PRINCIPAL OFFICE: CHATTOGRAM-NORTH 4 DULAHAZRA
1 AMIN JUTE MILLS CHATTOGRAM 5 EIDGAON COXS BAZAR
2 BAHADDAR HAT CHATTOGRAM 6 KUTUBDIA
3 C.U.E.T. CHATTOGRAM 7 MOHESHKHALI
4 CHATTOGRAM CANTONMENT CHATTOGRAM 8 RAMU
5 FATIKCHARI CHATTOGRAM 9 TEKNAF
6 HATHAZARI CHATTOGRAM 10 UKHIYA
7 KAGATIAHAT CHATTOGRAM PRINCIPAL OFFICE: RANGAMATI
8 KALAMUNSHIRHAT CHATTOGRAM 1 BAGAICHARI
9 KALURGHAT INDUSTRIAL ESTATE CHATTOGRAM 2 BANARUPA RANGAMATI
10 MARIAM NAGAR CHATTOGRAM 3 BARAICHARI
11 MOHAMMED TAKIRHAT CHATTOGRAM 4 BARKAL
12 NAZIRHAT BRANCH CHATTOGRAM 5 BELAICHARI RANGAMATI
13 PANCHLAISH CHATTOGRAM 6 CHANDRAGHONA
14 RANGUNIA CHATTOGRAM 7 DIGHINALA (KHAGRACHARI)
15 RAOZAN CHATTOGRAM-NORTH 8 GHAGRA RANGAMATI
16 ROAZARHAT CHATTOGRAM 9 GUIMARA BRANCH, KHAGRACHHARI
17 SARKARHAT CHATTOGRAM 10 JURACHARI
PRINCIPAL OFFICE: PATYA, CHATTOGRAM 11 KAPTAI
1 ANOWARA 12 KAWKHALI RANGAMATI
2 BANSHKHALI 13 KHAGRACHARI
3 BOALKHALI PATIYA CHATTOGRAM 14 LAXMICHARI KHAGRACHARI
4 CHANDANAISH PATIYA 15 LONGADU RANGAMATI
5 DOHAZARI CHATTOGRAM 16 MAHALCHHARI KHAGRACHARI
6 KALARPOLE PATIYA 17 MANIKCHARI (KHAGRACHARI)
7 KARNAPHULI BRANCH 18 MATIRANGA (KHAGRACHARI)
8 KHAN BAHADUR BAZAR 19 NANIARCHAR RANGAMATI
9 LOHAGARA PATIYA 20 NEW COURT BUILDING RANGAMATI
10 MOULVI BAZAR (PATIYA) 21 PANCHARI KHAGRACHARI
11 PATIYA CHATTOGRAM 22 RAJASTHALI
12 ROWSANHAT CHATTOGRAM 23 RAMGARH KHAGRACHARI
13 RUSTUMHAT PATIYA CHATTOGRAM 24 RANGAMATI
14 SATKANIA CHATTOGRAM "GENERAL MANAGER'S OFFICE: CUMILLA
"GENERAL MANAGER'S OFFICE: CHATTOGRAM SOUTH PRINCIPAL OFFICE: BRAHMANBARIA"
PRINCIPAL OFFICE: CHATTOGRAM-SOUTH" 1 AKHAURA
1 BANGABANDHU SHEIKH MUJIB SHILPA NAGAR 2 ASHUGONJ
2 BANUR BAZAR CHATTOGRAM (CHATTOGRAM) 3 ASHUGONJ SARKARKHANA BR.
3 BHATIARY CHATTOGRAM 4 BANCHARAMPUR, BRAHMANBARIA
4 CDA MARKET (PAHARTALI) CHATTOGRAM 5 BIJAYNAGAR, BRAHMANBARIA
5 CDA RESIDENTIAL AREA CHATTOGRAM 6 CHANDPUR BAZAR, BRAHMANBARIA
6 CHATTOGRAM UREA FERTILIZER LTD. 7 CHATALPAR BAZAR BRAHMANBARIA
7 CHOWKBAZAR BRANCH, 8 FANDAUK
8 CUSTOM HOUSE CHATTOGRAM 9 GOKARNAGHAT, BRAHMANBARIA
9 HALISHAHAR HOUSING ESTATE CHATTOGRAM 10 HARINBAR BAZAR
10 MARINE ACADEMY (B.M.M.A JULDIA) 11 KOSBA
11 MIRSARAI CHATTOGRAM 12 KUTIBAZAR
12 NIZAMPUR CHATTOGRAM 13 MEDDA UPAZILLA COMPLEX B.BARIA
13 PAHARTALI MAIN ROAD CHATTOGRAM 14 MIRASHANI, BRAHMANBARIA
14 PORT BRANCH CHATTOGRAM 15 NABINAGAR, BRAHMANBARIA
15 SANDWIP CHATTOGRAM 16 NASIR NAGAR
16 SHAH AMANAT (R:) INT. AIRPORT 17 NEW MARKET, BRAHMANBARIA
17 SITAKUNDA CHATTOGRAM 18 RASULLABAD, BRAHMANBARIA
18 UTTAR PATANGA 19 RUPASDI BAZAR, BRAHMANBARIA
PRINCIPAL OFFICE: COXS BAZAR 20 SARAIL, BRAHMANBARIA
1 BADARKHALI 21 SHYAMAGRAM, BRAHMANBARIA
2 CHAKARIA 22 SINGERBIL, BRAHMANBARIA
3 COXS BAZAR 23 T.A. ROAD BRAHMANBARIA

SONALI BANK PLC
PRINCIPAL OFFICE: CHANDPUR "GENERAL MANAGER'S OFFICE: DINAJPUR

PRINCIPAL OFFICE: DINAJPUR-NORTH"
1 ALIGANJ CHANDPUR
1 BINNAKURI DINAJPUR
2 CHANDPUR BRANCH CHANDPUR
2 BIRGONJ
3 FARAJIKANDI
3 BIROL
4 FARIDGANJ CHANDPUR
4 CHIRIRBANDAR DINAJPUR
5 GAZIPUR BAZAR CHANDPUR 5 DINAJPUR SHIKSHA BOARD
6 HAIMCHAR CHANDPUR 6 FARAKKABAD DINAJPUR
7 HAJIGANJ CHANDPUR 7 HUGLI PARA DINAJPUR
8 KACHUA BAZAR, CHANDPUR 8 JOYNANDAHAT
9 KALIAPARA CHANDPUR 9 KACHINIAHAT DINAJPUR
10 KHILA BAZAR CHANDPUR 10 KAHAROLE
11 MOTLABGANJ 11 KHANSAMA DINAJPUR
12 NABIPUR CHANDPUR 12 MILL ROAD SETABGANJ
13 NATUN BAZAR CHANDPUR 13 PAKERHAT DINAJPUR

14 PARBATIPUR DINAJPUR
14 PURAN BAZAR CHANDPUR
15 SETABGONJ DINAJPUR
15 RAHIMA NAGAR CHANDPUR
16 STATION ROAD DINAJPUR
16 SACHAR BAZAR CHANDPUR
17 SUIHARI DINAJPUR
17 SENGAR CHAR CHANDPUR
PRINCIPAL OFFICE: DINAJPUR SOUTH
18 SHAHRASTI CHANDPUR
1 AFTABGONJ DINAJPUR
19 SHOLOGHAR CHANDPUR
2 BARA PUKURIA KOYLAKHANI PRAKALPA BR
20 WARUK BAZAR CHANDPUR 3 BHAWANIPUR BAZAR DINAJPUR
PRINCIPAL OFFICE: CUMILLA-NORTH 4 BIRAMPUR
1 BHARASAR BAZAR CUMILLA 5 COURT BUILDING DINAJPUR
2 BRAHMANPARA CUMILLA 6 GHORAGHAT DINAJPUR
3 BURICHONG CUMILLA 7 HAKIMPUR
4 CHANDINA CUMILLA 8 MADDHAPARA KATHIN SHILA PRAKALPA BR
5 COMPANYGONJ BAZAR (CUMILLA) 9 NAWABGONJ DINAJPUR
6 COURT BUILDING CUMILLA 10 OSMANPUR DINAJPUR
7 CUMILLA CANTONMENT 11 PHULBARI DINAJPUR

12 PULHAT
8 DAUDKANDI CUMILLA
13 RANIGONJ BAZAR DINAJPUR
9 DEBIDWAR CUMILLA
14 SHAHID MAHBUB CANTON DINAJPUR
10 GOURIPUR BAZAR CUMILLA
15 SHEIKHPURA DINAJPUR
11 HOMNA CUMILLA
PRINCIPAL OFFICE: THAKURGAON
12 KHALILPUR BAZAR BRANCH
1 BANGLABANDHA STHALBANDAR BR.
13 KONGSHANAGAR CUMILLA
2 NEEKMARAD THAKURGAON
14 KOTBARI 3 AKHANAGAR
15 MEGHNA CUMILLA 4 GOREYAHAT THAKURGAON
16 MURAD NAGAR CUMILLA 5 THAKURGAON SUGAR MILLS
17 PARAMTALA CUMILLA 6 RUHIA THAKURGAON
18 RAIPUR BAZAR (CUMILLA) 7 JABAR HAT THAKURGAON
19 SREEKAIL 8 BHULLI BAZAR
20 TITAS CUMILLA 9 BALIADANGI
PRINCIPAL OFFICE: CUMILLA-SOUTH 10 BODA PANCHAGARH
1 ADDA BAZAR CUMILLA 11 HARIPUR THAKURGAON

12 PANCHAGARH
2 BARURA CUMILLA
13 SHIBGONJ THAKURGAON
3 BISE CUMILLA
14 DEBIGONJ PANCHAGARH
4 CHOUDDAGRAM CUMILLA
15 PURATAN BUS STAND THAKURGAON
5 CUMILLA SADAR DAKKHIN UPOZILA BR.
16 PIRGONJ (THAKURGAON)
6 DAULATGONJ CUMILLA
17 RANISANKAIL
7 ELLIOTGONJ CUMILLA
18 THAKURGAON
8 LALMAI UPAZILA BRANCH, CUMILLA
19 ATWARI PANCHAGARH
9 MIA BAZAR BRANCH 20 BHAJANPUR (PANCHAGARH)
10 MONOHARGONJ CUMILLA 21 CHOWDHURYHAT THAKURGAON
11 NANGALKOT CUMILLA 22 TETULIA PANCHAGARH

"GENERAL MANAGER'S OFFICE: FARIDPUR PRINCIPAL OFFICE: MADARIPUR
PRINCIPAL OFFICE: FARIDPUR" 1 SHARIATPUR
1 ALFADANGA FARIDPUR 2 TEKERHAT
2 BHANGA 3 ANGARIA BAZAR (SARIATPUR)
3 BISWA ZAKIR MANJIL FARIDPUR 4 SHIBCHAR MADARIPUR
4 BOALMARI 5 DATTAPARA BAZAR BRANCH
5 CHAR BHADRASAN FARIDPUR 6 DAMUDDYA SARIATPUR
6 COURT BUILDING FARIDPUR 7 MILL GATE MADARIPUR
7 GOALCHAMAT FARIDPUR 8 BHEDARGONJ (SARIATPUR)
8 HAJI GANJ FARIDPUR
9 JAJIRA SARIATPUR
9 HATKRISHNAPUR FARIDPUR
10 KALKINI MADARIPUR
10 KAMARKHALI FARIDPUR
11 PAURASHAVA MADARIPUR
11 KANAIPUR FARIDPUR
12 NARIA SHARIATPUR
12 KHALILPUR FARIDPUR
13 CHAR MUGURIA
13 MADHUKHALI FARIDPUR
14 GOSAIRHAT SARIATPUR
14 MADHUKHALI UPAZILLA COMPLEX FARIDPUR
15 KULPADDI MADARIPUR
15 MOYENDIA BAZAR FARIDPUR
16 MADARIPUR
16 NAGARKANDA FARIDPUR
17 SADAR UPAZILLA COMPLEX FARIDPUR 17 RAJOIR MADARIPUR
18 SADARPUR FARIDPUR PRINCIPAL OFFICE: RAJBARI

19 SALTHA BAZAR FARIDPUR 1 BAHARPUR RAJBARI
20 SHIRGRAM 2 BALIAKANDI
21 TALMA FARIDPUR 3 BELGACHI
22 TEPAKHOLA FARIDPUR 4 GOALANDA RAJBARI
PRINCIPAL OFFICE: GOPALGONJ 5 GOALUNDO UPOZILLA COMPLEX
1 BANOGRAM BAZAR BR. 6 KALUKHALI BRANCH
2 BASHBARIA BAZAR GOPALGAONJ 7 KASHBA MAJAIL RAJBARI
3 BHATIA PARA GOPALGONJ 8 MACHHPARA RAJBARI
4 BOLTALI 9 PANGSHA
5 D.C COMPLEX BRANCH GOPALGONJ 10 PANGSHA UPOZILLA COMPLEX
6 GHAGORE GOPALGANJ
11 RAJBARI
7 GOPALGONJ
12 RAJBARI UPOZILLA COMPLEX RAJBARI
8 KASHIANI GOPALGONJ
"GENERAL MANAGER'S OFFICE: JAMALPUR
9 MOKSEDPUR
PRINCIPAL OFFICE: GHATAIL, TANGAIL"
10 PANCHURIA GOPALGONJ
1 BALLA BAZAR TANGAIL
11 PATGATI GOPALGONJ
2 BHUAPUR TANGAIL
12 TUNGIPARA GOPALGONJ
3 DHANBARI TANGAIL
PRINCIPAL OFFICE: KUSHTIA
4 FALDA BAZAR TANGAIL
1 AMLA KUSHTIA
2 BHERAMARA KUSHTIA 5 GARO BAZAR TANGAIL
3 BHERAMARA POWER STATION KUSHTIA 6 GHATAIL TANGAIL
4 COURT BUILDING KUSHTIA 7 GOBINDASHI TANGAIL

5 DAULATPUR KUSHTIA 8 GOPALPUR TANGAIL
6 DUHAKULA KUSHTIA 9 KALIHATI TANGAIL
7 EKTERPURHAT KUSHTIA 10 KENDUA BAZAR TANGAIL
8 HALSHA KUSHTIA 11 MODHUPUR TANGAIL
9 HARINARAYANPUR 12 MOHONPUR TANGAIL
10 JHAUDIA BAZAR BR. 13 NALIN BAZAR TANGAIL
11 KAYA BAZAR KUSHTIA 14 NIKRAIL TANGAIL
12 KHOKSHA KUSHTIA 15 SHAHID SALAHUDDIN CANTT. GHATAIL
13 KUMARKHALI KUSHTIA
PRINCIPAL OFFICE: JAMALPUR
14 KUMARKHALI UPA ZILLA COMPLEX KUSHTIA 1 BAKSHIGANJ JAMALPUR
15 KUSHTIA
2 BARO MASJID ROAD, JAMALPUR
16 KUSHTIA SUGAR MILLS
3 BSCIC INDUSTRIAL ESTATE JAMALPUR
17 MIRPUR KUSHTIA
4 CHAPARKONA
18 MODHUPUR BAZAR KUSHTIA
5 DEWANGANJ BAZAR JAMALPUR
19 N.S. ROAD KUSHTIA
6 DEWANGONJ SUGAR MILL JAMALPUR
20 NANDALALPUR KUSHTIA
7 HAZRA BARI JAMALPUR
21 PORADAH KUSTIA.
22 SHOMOSPUR KUSHTIA 8 ISLAMPUR JAMALPUR

SONALI BANK PLC
9 JAMALPUR BAZAR, JAMALPUR 12 PURAPARA JASHORE

10 JAMUNA SAR KARKHANA JAMALPUR 13 R.N. ROAD
11 MADERGONJ 14 RAJGONJ JASHORE
12 MEDICAL ROAD BRANCH JAMALPUR 15 SALUA BAZAR JASHORE
13 MELANDAH, JAMALPUR 16 SARSHA
14 NANDINA JAMALPUR 17 ULASHI
15 SANANDABARI BAZAR JAMALPUR PRINCIPAL OFFICE: JASHORE SOUTH
16 SHARISHABARI 1 ALPHA MILL GATE JASHORE
17 SHARISHABARI THANA HEAD QUARTER BR. 2 B.I.S.E JASHORE
18 SREEPUR KUMARIA BAZAR 3 BAGHERPARA
PRINCIPAL OFFICE: SHERPUR 4 BASUNDIA
1 JHENAIGATI 5 BHATPARA JASHORE
2 KORTIMARI BAZAR BR.KURIGRAM 6 CHARAVITA BAZAR
3 NAKLA SHERPUR 7 CHINATOLA BAZAR
4 NALITABARI SHERPUR 8 DHALGRAM
5 NAYANI BAZAR SHERPUR 9 JASHORE BAZAR

10 JASHORE CANTT. JASHORE
6 RAJIBPUR KURIGRAM
11 KESOBPUR,
7 ROWMARI
12 MONIRAMPUR
8 SHERPUR
13 NOAPARA JASHORE
9 SREEBORDI SHERPUR
14 RAIL GATE (JASHORE)
10 SURJADI BAZAR
15 RUPDIA JASHORE
"GENERAL MANAGER'S OFFICE: JASHORE
16 SAGARDARI BAZAR JASHORE
PRINCIPAL OFFICE: CHUADANGA"
17 TRIMOHINI JASHORE
1 ALAMDANGA
PRINCIPAL OFFICE: JHENAIDAH
2 AMJHUPI MEHERPUR
1 ARAPPUR
3 CHUADANGA
2 BARO BAZAR
4 COURT BUILDING BRANCH, CHUADANGA
3 BARODHOPADI BAZAR
5 DAMURHUDA CHUADANGA
4 BUNAGATI BAZAR (MAGURA)
6 DARSHANA CHUADANGA
5 GARAGONJ JHENAIDAH
7 DINGIADAH CHUADANGA
6 HARINAKUNDU JHENAIDAH
8 GANGNI
7 HATGOPALPUR JHENAIDAH
9 GANGNI UPOZILA PARISHAD BR. MEHERPUR
8 JHENAIDAH
10 GARADOB BAZAR MEHERPUR
9 KALIGONJ JHENAIDAH
11 GOKULKHALI BAZAR
10 KOLA BAZAR, JHENAIDAH
12 HATBOALIA
11 KOTCHANDPUR, JHENAIDAH
13 JIBAN NAGAR CHUADANGA
12 MAGURA
14 JOREPUKURIA
13 MOBARAKGONJ SUGAR MILL JHENAIDAH
15 MEHERPUR 14 MODHUPUR (JHENAIDAH)
16 MEHERPUR COURT BUILDING 15 MOHAMMADPUR MAGURA
17 MUJIBNAGAR UPZILLA BR. MEHERPUR 16 MOHESHPUR JHENAIDAH
18 MUNSHIGONJ CHUADANGA 17 NUTAN BAZAR MAGURA
19 SAROJGANJ BAZAR CHUADANGA 18 PURATAN BAZAR MAGURA
20 UTHALI CHUADANGA 19 RABINARIKEL BARIA
PRINCIPAL OFFICE: JASHORE NORTH 20 SAILKUPA JHENAIDAH
1 BAGANCHRA JASHORE 21 SHALIKHA (MAGURA)
2 BARI NAGAR 22 SHEIKHPARA BAZAR JHENAIDAH
3 BENAPOLE 23 SREEPUR MAGURA
4 CHOWGACHA JASHORE "GENERAL MANAGER'S OFFICE: KHULNA
5 CHURAMANKATI PRINCIPAL OFFICE: BAGERHAT"
1 BAGERHAT
6 GARIB SHAH SARAK
2 BAZAR BRANCH
7 JASHORE COLLECTORATE BHABAN
3 CHITALMARI BAZAR BAGERHAT
8 JHIKARGACHA
4 COURT BUILDING BAGERHAT
9 KHAJURA BAZAR JASHORE
5 FAKIRHAT
10 NARIKEL BARIA JASHORE
6 GILATALA Br., BAGERHAT
11 PAR BAZAR JASHORE

7 GOURAMBHA BAZAR 14 PARULIA
8 KACHUA BAGERHAT 15 KUMIRA BAZAR SATKHIRA
9 MOLLAHAT (BAGERHAT) 16 KHALISHKHALI
10 MONGLA BAGHERHAT 17 BHOMRA SATKHIRA
11 MONGLA PORT BAGERHAT "GENERAL MANAGER'S OFFICE: MYMENSINGH
12 MORELGONJ BAGERHAT PRINCIPAL OFFICE: KISHOREGONJ"
13 RAMPAL BAGERHAT 1 AUSTOGRAM KISHOREGONJ
14 RAYENDA BAZAR BAGERHAT 2 BAJITPUR KISHOREGANJ
PRINCIPAL OFFICE: KHULNA 3 BHAIRAB KISHOREGONJ

1 BANIAKHALI BAZAR 4 CHHAYSUTI KISHOREGANJ
2 BHATIAGHATA KHULNA 5 DOMRA KANDA KISHOREGANJ
3 BOYRA KHULNA 6 HOSSAINPUR KISHOREGANJ
4 CABLE SHILPA ELAKA KHULNA 7 ITNA
5 CHALNA BAZAR KHULNA 8 KALIA CHAPRA
6 CUSTOM HOUSE KHULNA 9 KARIMGONJ KISHOREGONJ
7 DAULATPUR COLLEGE ROAD (KHULNA) 10 KATIADI BAZAR KISHOREGONJ
8 DIGHOLIA KHULNA 11 KISHOREGONJ
9 DUMURIA KHULNA 12 KULIAR CHAR KISHOREGONJ
10 FULBARIGATE KHULNA 13 MITAMOIN KISHOREGANJ
11 K.D.A. NEW MARKET KHULNA 14 NIAMATPUR KISHOREGONJ
12 KAZDIA KHULNA 15 NIKLI KISHOREGONJ
13 KHALISHPUR KHULNA 16 PAKUNDIA KISHOREGANJ
14 KHULNA SHIPYARD 17 STATION ROAD BR.(KISHOREGONJ)
15 KOYRA KHULNA 18 TARAIL KISHOREGONJ
16 PAIKGACHA KHULNA PRINCIPAL OFFICE: MYMENSINGH
17 PHULTALA 1 ASSIM BAZAR MYMENSINGH
18 SHAHPUR KHULNA 2 BALIA BAZAR MYMENSINGH
19 SIR IQBAL ROAD 3 BHALUKA
20 SOUTH CENTRAL ROAD KHULNA 4 BINA
21 TEROKHADA KHULNA 5 DHOBAURA MYMENSINGH
PRINCIPAL OFFICE: NARAIL 6 FULBARIA MYMENSINGH
1 CHACHURI BAZAR NARAIL 7 FULPUR MYMENSINGH
2 GOBRA 8 GAFFARGAON MYMENSINGH
3 KALIA NARAIL 9 GAYESPUR
4 LAXMIPASHA NARAIL 10 GOURIPUR (MYMENSINGH)
5 LOHAGARA BAZAR NARAIL 11 HALUAGHAT
6 MOHAJAN BAZAR NARAIL 12 ISWARGONJ MYMENSINGH
7 NARAIL 13 JATIYA KABI KAZI NAZRUL ISLAM BISHAWBIDDYALOY BR
8 PERULI BAZAR NARAIL 14 KALIBARI BAZAR MYMENSINGH
9 RUPGANJ 15 KESHORGONJ BAZAR
10 TULARAMPUR NARAIL 16 MATHSHA GABESHANA INSTITUTE
11 ZILA PARISHAD, NARAIL 17 MUKTAGACHA
PRINCIPAL OFFICE: SATKHIRA 18 MYMENSINGH BUSINESS CENTRE
1 KULIA BAZAR 19 NANDAIL
2 TALA 20 SHAMBUGONJ BAZAR
3 ASHASHUNI SATKHIRA 21 SHIBGONJ (MYMENSINGH)
4 JHAUDANGA 22 TARAKANDA MYMENSINGH
5 KALAROA SATKHIRA 23 TARERGHAT MYMENSINGH
6 SATKHIRA 24 TRISHAL
7 DEBHATA SATKHIRA PRINCIPAL OFFICE: NETROKONA
8 KALIGONJ SATKHIRA 1 ATPARA NETROKONA
9 MAGURA BAZAR SATKHIRA 2 BARHATTA NETROKONA
10 KAMAN NAGAR SATKHIRA 3 DURGAPUR NETROKONA
11 SHYAMNAGAR 4 HOGLA BAZAR NETRAKONA
12 BUDHATA SATKHIRA 5 KALMAKANDA
13 GOYRAH BAZAR SATKHIRA 6 KENDUA (NETROKONA)

SONALI BANK PLC
7 KHALIAJURI NETROKONA 16 KHALIFERHAT NOAKHALI

8 LEPSIA 17 MAIJDEE BAZAR NOAKHALI
9 MADAN 18 PAURA BIPANI BITAN NOAKHALI
10 MADANPUR NETROKONA 19 SAGARIA BAZAR NOAKHALI
11 MOHONGONJ NETROKONA 20 SEBARHAT NOAKHALI
12 NETROKONA 21 SENBAGH NOAKHALI
13 PURBADHALA 22 SHAHAPUR NOAKHALI
14 THAKURAKONA BAZAR NETROKONA 23 SONAIMURI NOAKHALI
"GENERAL MANAGER'S OFFICE: NOAKHALI 24 SONAPUR OLD TOWN
PRINCIPAL OFFICE: FENI" 25 SUBARNA CHAR NOAKHALI
1 BAKTERMUNSHI FENI 26 TAMARUDDI NOAKHALI
2 CHHAGOLNAIYA FENI 27 ZAMINDARHAT
3 DAGAN BHUIYAN "GENERAL MANAGER'S OFFICE: RAJSHAHI
4 FENI PRINCIPAL OFFICE: CHAPAI NAWABGANJ"
5 FULGAZI FENI 1 BHOLAHAT CHAPAI NABABGONJ
6 GUTHUMA BAZAR 2 CHAPAI NAWABGONJ
7 ISLAMPUR ROAD FENI 3 GOMASTAPUR CHAPAINABABGANJ
8 LASHKER HAT FENI 4 NACHOLE
9 LEMUA BAZAR FENI 5 NEW MARKET CHAPAI NAWABGANJ
10 MAHIPAL FENI 6 ROHANPUR
11 MATIAGODA FENI 7 SHIBGONJ (CHAPAI NAWABGONJ)
12 MUNSHIRHAT FENI 8 SONAMASJID CHAPAI NAWABGANJ
13 PANCHGACHIA PRINCIPAL OFFICE: NAOGAON
14 PARSHURAM 1 MOHADEVPUR
15 SADAR UPAZILA COMPLEX FENI 2 ABADPUKURHAT NAOGAON
16 SELONIA BAZAR FENI 3 BHAWANIPUR BAZAR NAOGAON
17 SONAGAZI FENI 4 NAOGAON
PRINCIPAL OFFICE: LAXMIPUR 5 PATNITALA
1 BHABANIGANJ BAZAR LAXMIPUR 6 PORSHA NAOGAON
2 CHANDRAGANJ LAXMIPUR 7 ATRAI NAOGAON
3 CHAR ALEXANDER LAXMIPUR 8 DHAMAIRHAT NAOGAON
4 CHAR LORENCE 9 BADALGACHI
5 CHAR SITA 10 K. D. MORE NAOGAON
6 HAIDERGANJ 11 MONGALBARIHAT
7 KAMALNAGAR LAXMIPUR 12 MANDA NAOGAON
8 KANCHANPUR 13 T.T.D.C. NAOGAON
9 LAXMIPUR 14 RANINAGAR (NAOGAON)
10 RAIPUR LAXMIPUR 15 BHANDERPUR
11 RAKHALIA BAZAR 16 MOHISHBATHAN
12 RAMGANJ LAXMIPUR 17 TRIMOHANI NAOGAON
PRINCIPAL OFFICE: NOAKHALI 18 SAPAHAR NAOGAON
1 AMANULLAH PUR BAZAR NOAKHALI 19 NIAMATPUR NAOGAON
2 BASHURHAT NOAKHALI PRINCIPAL OFFICE: NATORE
3 CHAPRASHIRHAT NOAKHALI 1 AHMEDPUR
4 CHAR BATA 2 BAGATIPARA
5 CHAR MATUA 3 BARAIGRAM, NATORE
6 CHATKHIL NOAKHALI 4 CHANCHAKOIR NATORE
7 CHHAYANI BAZAR NOAKHAII 5 DAYARAMPUR NATORE
8 CHOUMOHANI NOAKHALI 6 FULBAGAN NATORE
9 CHOWDHURYHAT NOAKHALI 7 GURUDASHPUR NATORE
10 COLLEGE ROAD CHAUMUHANI 8 LALPUR NATORE
11 DAYARAMDI NOAKHALI 9 NALDANGA HAT NATORE
12 HATIYA NOAKHALI 10 NATORE
13 HATIYA THANA PARISAD BR. 11 NATORE STATION BAZAR
14 KALAMUNSHI BAZAR NOAKHALI 12 PURATAN BUS STAND NATORE
15 KANKIRHAT NOAKHLI 13 SINGRA BR. NATORE

PRINCIPAL OFFICE: PABNA 12 PALASHBARI
1 ANANTA BAZAR PABNA 13 PURAN BAZAR GAIBANDHA
2 ARAMBARIA PABNA 14 SADULLAPUR GAIBANDHA
3 ATGHORIA PABNA 15 SHAGHATA

16 SUNDARGONJ
4 BANWARI NAGAR PABNA
5 BERA PABNA
PRINCIPAL OFFICE: KURIGRAM
1 FULBARI KURIGRAM
6 BHANGOORA BAZAR PABNA
2 ADITMARI LALMONIRHAT
7 CHATMOHAR PABNA
3 BARABARIHAT LALMONIRHAT
8 DASURIA
4 BHURUNGAMARI KURIGRAM
9 EKDANTA PABNA
5 BURIMARI
10 ISHWARDI 6 CHILMARI KURIGRAM
11 JORGACHA PABNA 7 HATIBANDHA (LALMONIRHAT)
12 JOYNAGAR PABNA 8 KAKINA BAZAR BRANCH LALMONIRHAT
13 KARANJA BAZAR PABNA 9 KALIGANJ LALMONIRHAT
14 PABNA BANIJJO KENDRA 10 KURIGRAM
15 PABNA Br., PABNA 11 LALMONIRHAT BRANCH
16 SANTHIA PABNA 12 MOHISHKHOCHA LALMONIRHAT
17 SUZANAGAR PABNA 13 NAGESWARI KURIGRAM
18 ZILLA BOARD PABNA 14 PATGRAM LALMONIRHAT

15 RAJARHAT
PRINCIPAL OFFICE: RAJSHAHI
16 SONAHAT STHALBANDAR BR.
1 ARANI BR.
17 ULIPUR KURIGRAM
2 BAGHA
PRINCIPAL OFFICE: NILPHAMARI
3 BHAWANIGONJ
1 CHILAHATI NILPHAMARI
4 CHARGHAT
2 DIMLA
5 DURGAPUR (RAJSHAHI)
3 DOMAR NILPHAMARI
6 GODAGARI RAJSHAHI 4 JALDHAKA NILPHAMARI
7 GREATER ROAD RAJSHAHI 5 KISHOREGONJ NILPHAMARI
8 KASHIA DANGA RAJSHAHI 6 MIRGONJ NILPHAMARI
9 MOHANPUR RAJSHAHI 7 NILPHAMARI
10 MONIGRAM RAJSHAHI 8 NILPHAMARI BAZAR
11 MOTIHAR 9 SAIDPUR NILPHAMARI
12 MOUGACHI BAZAR RAJSHAHI 10 SAYEDPUR CANTONMENT
13 MUNDUMALAHAT RAJSHAHI PRINCIPAL OFFICE: RANGPUR
14 PABA RAJSHAHI 1 BADARGONJ RANGPUR
2 BIVAGIO SADAR DAPTAR BRANCH, RANGPUR
15 POLICE ACADEMY
3 CHATRAHAT
16 PUTHIA RAJSHAHI
4 DHAP
17 RAJSHAHI CADET COLLEGE
5 GANGACHARA
18 RAJSHAHI CANTONMENT
6 HARAGACHA RANGPUR
19 RAJSHAHI COURT BUILDING RAJSHAHI
7 JAIGIRHAT
20 RAJSHAHI MEDICAL COLLEGE HOSPITAL
8 KACHARI BAZAR
21 RAJSHAHI RAILWAY COMPLEX 9 KAWNIA, RANGPUR
22 RAJSHAHI UNIVERSITY CAMPUS BRANCH 10 KHALASHPIR
23 TANORE 11 LALDIGHIHAT RANGPUR
"GENERAL MANAGER'S OFFICE: RANGPUR 12 MAHIGONJ RANGPUR
PRINCIPAL OFFICE: GAIBANDHA" 13 MIRBAGH RANGPUR
1 BHARATKHALI 14 MITHAPUKUR RANGPUR
2 BIRATHAT 15 PIRGACHA RANGPUR
3 BONARPARA GAIBANDA 16 PIRGONJ (RANGPUR)
4 D.B. ROAD GAIBANDA 17 RANGPUR BAZAR
5 FASHITOLA 18 TARAGANJ RANGPUR
6 FULCHARI "GENERAL MANAGER'S OFFICE: SYLHET

PRINCIPAL OFFICE: HOBIGANJ"
7 GAIBANDHA
1 AUSHKANDI HOBIGONJ
8 GOBINDAGONJ GAIBANDHA
2 AZMIRIGANJ HOBIGANJ
9 HAT DARIAPUR 3 BAHUBAL HABIGONJ
10 KAMDIA GAIBANDA 4 BANIYACHONG HOBIGANJ
11 MAHIMAGONJ GAIBANDA 5 CHOWDHURY BAZAR BRANCH HABIGONJ

SONALI BANK PLC
6 CHUNARUGHAT HOBIGANJ PRINCIPAL OFFICE: SYLHET

7 ENATGANJ HABIGANJ 1 AMJAD ALI ROAD SYLHET
8 HABIGANJ 2 BAIRAGIR BAZAR
9 KAKAILCHAO HABAIGANJ 3 BALAGONJ SYLHET
10 LAKHAI HOBIGANJ 4 BEANI BAZAR SYLHET
11 MADHABPUR HABIGANJ 5 BISWANATH SYLHET
12 NABIGANJ HABIGANJ 6 CHARKHAI SYLHET
13 SHAYESTAGANJ HOBIGANJ 7 COMPANIGANJ SYLHET
PRINCIPAL OFFICE: MOULVIBAZAR 8 COURT BUILDING BRANCH SYLHET
1 BAROLEKHA, MOULVIBAZAR 9 DAKSHIN FENCHUGANJ SYLHET
2 BHAIRABGONJ BAZAR 10 DHAKA DAKSHIN SYLHET
3 CHANDGRAM MOULVIBAZAR 11 FENCHUGANJ SAR KARKHANA SYLHET
4 CHANDNIGHAT BRANCH MOULVIBAZAR 12 FENCHUGONJ SYLHET
5 COURT ROAD BRANCH MOULVI BAZAR 13 GOLAPGONJ SYLHET
6 FOREIGN EXCHANGE BRANCH MOULVIBAZAR 14 GOWAINGHAT SYLHET
7 JURI BR. 15 JAINTAPUR SYLHET
8 KADAMHATA MOULVIBAZAR 16 KAMAL BAZAR SYLHET
9 KAMALGONJ MOULVI BAZAR 17 KANAIGHAT SYLHET
10 KAMALPUR BAZAR MOULVIBAZAR 18 KHADIMNAGAR
11 KULAURA 19 MOHAJANPATTY SYLHET
12 MOULVIBAZAR 20 OSMANI BIMAN BANDAR SYLHET
13 MUNSHIBAZAR 21 PIRER BAZAR SYLHET
14 PHULARTAL BAZAR 22 SHAHJALAL UNIVERSITY OF SCIENCE AND TECHNOLOGY
15 RAJNAGAR 23 STATION ROAD (SYLHET)
16 SADAR UPAZILA MOULVI BAZAR 24 SYLHET CANTONMENT
17 SARKER BAZAR MOULVI BAZAR 25 SYLHET CITY CORP. SYLHET
18 SATGAON MOULVIBAZAR 26 SYLHET M.A.G. OSMANI MEDICAL COLLEGE HOSPITAL
19 SHABAJPUR MOULVIBAZAR 27 TAJPUR SYLHET
20 SHAMSHERNAGAR MOULVIBAZAR 28 TAMABIL LAND PORT BRANCH
21 SREEMONGAL 29 TIKARPARA SYLHET
22 TARAPASHA BAZAR 30 TILLAGARH SYLHET
PRINCIPAL OFFICE: SUNAMGANJ 31 ZAKIGANJ SYLHET
1 BADAGHAT BRANCH
2 BISHWAMBHARPUR BRANCH
3 CHHATAK SUNAMGONJ
4 DERAI
5 DHARMAPASHA
6 DOWARA BAZAR SUNAMGONJ
7 JAGANNATHPUR SUNAMGONJ
8 JAMALGONJ
9 MADHYANAGAR
10 SHALLA SUNAMGONJ
11 SHANTIGANJ,
12 SUNAMGANJ
13 TAHIRPUR

AUTHORISED DEALER BRANCHES
OF SONALI BANK PLC
S/N BRANCH NAME AD BR. CODE SWIFT CODE
1 AGRABAD CORPORATE, CHITTAGONG 0342 BSONBDDHAGR
2 B-WAPDA CORPORATE, DHAKA 0360 BSONBDDHBWP
3 BANGABANDHU AVENUE CORPORATE, DHAKA 0338 BSONBDDHBBA
4 BAHADDARHAT, CHITTAGONG 0367 BSONBDDHBHT
5 BOGRA CORPORATE, BOGRA 0357 BSONBDDHBOG
6 BRAHMANBARIA, BRAHMANBARIA 0375 BSONBDDHBRM
7 CHANDPUR, CHANDPUR - --
8 CHAPAINAWABGONJ, CHAPAINAWABGONJ 0363 BSONBDDHCHP
9 CHAWKBAZAR, DHAKA 0335 BSONBDDHCWK
10 CHATAK, SUNAMGONJ 0374 BSONBDDHCTK
11 COMILLA CORP., COMILLA 0350 BSONBDDHCCB
12 DARGAGATE CORP., SYLHET 0348 BSONBDDHDGT
13 DAULATPUR, KHULNA 0353 BSONBDDHDAU
14 DHAKA CANTT. CORP., DHAKA 0361 BSONBDDHCNT
15 DILKUSHA CORP., DHAKA 0332 BSONBDDHDIL
16 DINAJPUR CORP., DINAJPUR 0359 BSONBDDHDNJ
17 FOREIGN EXCHANGE CORP., DHAKA 0336 BSONBDDHFEB
18 GREEN ROAD, DHAKA 0369 BSONBDDHGRN
19 GULSHAN, DHAKA 0364 BSONBDDHGUL
20 HABIGANJ, HABIGANJ - --
21 HOTEL SHERATON, DHAKA 0370 BSONBDDHHST
22 JESSORE CORP., JESSORE 0354 BSONBDDHJSR
23 KHATUNGONJ, CHITTAGONG 0344 BSONBDDKHA
24 KHULNA CORP., KHULNA 0352 BSONBDDHKHU
25 KUSHTIA, KUSHTIA 0355 BSONBDDHKST
26 FOREIGN EXCHANGE, NARAYANGONJ 0373 BSONBDDHLAD
27 LALDIGHI CORP., CHITTAGONG 0343 BSONBDDHCTG
28 LOCAL OFFICE, DHAKA 0330 BSONBDDHLOD
29 LALMONIRHAT, LALMONIRHAT 0368 BSONBDDHLAL
30 MOULOVIBAZAR, MOULOVIBAZAR - --
31 MYMENSINGH, MYMENSINGH 0341 BSONBDDHMYM
32 NARAYANGONJ CORP., NARAYANGONJ 0339 BSONBDDHNAR
33 RAILWAY BUILDING, CHITTAGONG 0345 BSONBDDHRWB
34 RAJSHAHI CORP., RAJSHAHI 0356 BSONBDDHRAJ
35 RAMNA CORP., DHAKA 0333 BSONBDDHRAM
36 RANGPUR CORP., RANGPUR 0358 BSONBDDHRNG
37 SADARGHAT CORPORATE, DHAKA 0334 BSONBDDHSDR
38 SATKHIRA, SATKHIRA 0366 BSONBDDHSAT
39 SHILPA BHABAN CORPORATE, DHAKA 0331 BSONBDDHSLP
40 SIRAJGONJ, SIRAJGONJ - --
41 SUNAMGONJ, SUNAMGONJ 0356 BSONBDDHSNG
42 SYLHET CORPORATE, SYLHET - --
43 TEKNAF, COX’S BAZAR - --
44 WAGE EARNER'S CORPORATE, DHAKA 0337 BSONBDDHWEB
45 WAGE EARNER'S CORPORATE, CHITTAGONG 0346 BSONBDDHWEC
46 Uttara Model Town, Dhaka 0376 --
47 Panchagarh, Panchagarh 0377 --
48 Hazrat Shahjalal International Airport, Dhaka 0378 --

SONALI BANK PLC
GLOBAL REMITTANCE
NETWORK OF SBPLC
3
1
2 6
10 10 4
Note
1. Sonali Bank (UK) lTd. - 2 Branches in UK
2. Sonali Exchange Co. Incorporation (SECI)
Subsidiary Company of SBL - 10 Branches in USA
1. Embassy of Bangladesh, Riyadh, KSA

2. Consulate General of Bangladesh, Jeddah
3. Embassy of Bangladesh, Kuwait, KSA
1. SBL Kolkata Branch

Overseas Branches of SBL 2. SBL Shiliguri Branch
1. Western Union 5. Merchantrade
2. X-press Money 6. Xoom Paypal
3. IME 7. RIA Financial Services
Number of Exchange Houses 4.Trans Fast 8.Hello Paisa South Africa
NOSTRO arrangement of SBL with Several countries

1
1
1
1
2
1
8 1
1
4 1
1 3
14 1
8
2 7 1
1
4
1
2

SONALI BANK PLC

SONALI BANK PLC
OVERSEAS BRANCHES
Kolkata Branch, India Siliguri Branch
'Wachel Molla Mansion' 1st Floor 'White House'
8, Lenin Sarani ( Dharmatala Street) 304/3, Sevoke Road (2nd Floor)
Kolkata - 700 013 P.S - Siliguri, Dist - Darjeeling
West Bengal, India West Bengal, India.
Phone: 00-91-33-2228-2255/56(PABX) Phone: +91 0353 2520947
00-91-33-2228-2254(CEO & DGM) Cell: +91 7864891596 (Manager)
Cell: 00-91-9830024868 (CEO & DGM) Fax: +91 0353 2520946
Fax: 0091-33-2228-2258 E-mail: sonalibanksiliguri@gmail.com
E-mail:sblkolkata@sonalibank.in
SONALI BANK PLC

REPRESNTATIVE OFFICES
Riyadh, KSA Jeddah, KSA
Office Address: Office Address:

Embassy of the People's Republic of Bangladesh Consulate General of Bangladesh
88, Dareen Street, Diplomatic Quaters, Circle-1 Sonali Bank Representative Office
PO Box: 94395, Riyadh:11693 Room No-9, Kilo-3, Old Makkah Road
Kingdom of Saudi Arabia(KSA) P.O. Box: 31085, Jeddah-21497, K.S.A
Telephone: 00966 114559215 Mobile: 00966- 567658295 (WhatsApp & IMO)
PABX: 00966 11 4195300 Ext.203 e-mail: sbrjed@gmail.com
E-mail: sbro.riyadh@gmail.com , sbro.riyadh@sonalibank. sbro.jeddah@sonalibank.com.bd
com.bd PABX: 00966-012-6878465 Ext: 142
Kuwait
Office Address:
Embassy of the People's Republic of Bangladesh
Messilah, Block-07, Street-16
Villa 91 & 93, Kuwait
P.O. Box No. 26607, Safat-13084, Kuwait
Telephone(Office)-:00965 23901008 (Direct)
Mobile: 00965-65762097
E-mail: sbrkuwait@yahoo.com

SONALI BANK PLC

SUBSIDIARY IN UNITED KINGDOM
Chief Executive Office, London London Main Branch
+44 (0)20 7877 8203
E-mail: masum.billah@sbuk.com
Birmingham Branch

SONALI EXCHANGE COMPANY
A SUBSIDIARY OF SONALI BANK PLC

Corporate Office, Manhattan
Corporate Office, Manhattan Manhattan Branch
Mr. Devasree Mitra
President & CEO
336 East 45th Street 8th floor
New York, NY-10017, USA
Tel: 001-212-808-0790 (Office)
Cell: 001-646-957-2283
Fax: 001-212-808-0791
E-mail: ceo@sonaliexchange.com
Manhattan Branch Jackson Heights Branch
336 East 45th Street 8th floor 37-17 74th Street, Suite-2R,
New York , NY-10017, USA Jackson Heights NY-11372, USA
Tel: 001-212-808-0790 (Office) Tel: 001-718-507-6002 (Office)
Cell: 001-917-204-0315 Cell: 001-347-605-1454
Fax: 001-212-808-0791 Fax: 001-718-507-6295
E-mail: manhattan@sonaliexchange.com E-mail: jacksonheights@sonaliexchange.com
Brooklyn Booth Astoria Booth
474, Macdonald Avenue, 1st Floor, Brooklyn,
29-31 Newtown Avenue, Astoria, NY-11102, USA
NY-11218, USA
Tel: 001-718-777-7001(Office)
Tel: 001-718-853-9558 (Office)
Cell: 001-347-345-8441
Cell: 001-917-378-7693
Fax: 001-718-777-1237
Fax: 001-718-853-9568
E-mail: astoria@sonaliexchange.com
E-mail: brooklyn@sonaliexchange.com
Ozone Park Booth Atlanta Booth
74-17 101 Avenue, Ozone Park 4897, Buford Highway, Suite # 230
New York, NY-11416, USA Chamblee Georgia, GA 30341, USA
Tel:001-347-505-8670(Office) Tel: 001-770--936-9906(Office)
Cell: 001-718-565-7827 Cell: 001-678-772-2599
Fax: 0010-347-505-8671 Fax: 001-770-936-9907
E-mail: ozonepark@sonaliexchange.com E-mail: atalanta@sonaliexchange.com
Michigan Booth Paterson Booth
11319, Conant Street, Suite # B, Hamtramck 436 Union Avenue, Paterson, NJ-07502
MI-48212, Michigan, USA New Jersey, USA
Tel: 001-313-368-3845(Office) Tel: 001-973-595-7590(Office)
Cell: 001-313-455-2532 Cell: 001-862-684-0836
Fax: 001-313-368-3897 Fax: 001-973-595-7591
E-mail: michigan@sonaliexchange.com E-mail: paterson@sonaliexchange.com
Jamaica Booth Bronx Booth
169-12 Hillside Avenue, 1st Floor 21-51 Starling Avenue
Jamaica, NY 11432, USA 1st Floor, Bronx, NY 10462, USA
Tel: 001-347-644-5150(Office) Tel: 001-718-822-1081(Office)
Cell: 001-347-571-4338 Cell: 001-347-335-5390
Fax: 001-347-644-1692 Fax: 001-718-822-1083
E-mail: jamaica@sonaliexchange.com E-mail: bronx@sonaliexchange.com

SONALI BANK PLC
LIST OF ACRONYMS
AD Authorized Dealer ICandCDInternal Control and Compliance Division
ADB Asian Development Bank ICAB The Institute of Chartered Accountants of Bangladesh
ADP Annual Development Program ICMAB The Institute of Cost and Management Accountants
ADR Alternative Dispute Resolution of Bangladesh
AGM Annual General Meeting ICT Information and Communication Technology
ALCO Asset Liability Committee IMF International Monetary Fund
ALM Asset Liability Management IT Information Technology
AML Anti Money Laundering KSA Kingdom of Saudi Arabia
AMLC Anti Money Laundering Committee KYC Know Your Customer
ATA Anti- Terrorism Act LDR Loan Deposit Ratio
ATM Automated Teller Machine MANCOM Management Committee
BACH Bangladesh Automated Clearing House MBID Merchant Banking and Investment Division
BACPS Bangladesh Automated Cheque Processing MCR Minimum Capital Requirement
System MCO Maximun Cumulative Outflow
BAMLCO Branch Anti Money Laundering Compliance MDGs Millennium Development Goals
Officer MICR Magnetic Ink Character Recognition
BAS Bangladesh Accounting Standards MLPA Money Laundering Prevention Act
BB Bangladesh Bank MSME Micro, Small and Medium Enterprise
BBTA Bangladesh Bank Training Academy MTMF Medium Term Macro Economic Framework
TK. Bangladesh Tk. MVA Market Value Added
BEFTN Bangladesh Electronic Fund Transfer Network NAV Net Asset Value
BFIU Bangladesh Financial Intelligence Unit NCBs Nationalised Commercial Banks
BFRS Bangladesh Financial Reporting Standards NGO Non Government Organization
BIBM Bangladesh Institute of Bank Management NII Net Interest Income
BRDB Bangladesh Rural Development Board NPL Non Performing Loan
BRPD Banking Regulation and Policy Department NRB Non Resident Bangladeshi
BSA Bangladesh Standards on Auditing OBU Off-Shore Banking Unit
BSEC Bangladesh Securities and Exchange Commission OMIS Overview Management Information System
CAMELS Capital Adequacy, Asset Quality, Management, PC Packing Credit
PEPs Politically Exposed Persons
Earnings, Liquidity and Sensitivity to Market Risk
PMIS Personal Management Information System
CAMLCO Chief Anti Money Laundering Compliance Officer
POS Point of Sales
CAR Capital Adequacy Ratio
PRSP Poverty Reduction Strategy Paper
CBS Core Banking Software
RBCA Risk Based Capital Adequacy
CDBL Central Depository Bangladesh Limited
RBIA Risk Based Internal Audit
CDC Central Data Centre
REPO Repurchase Agreement
CDMS Core Deposit Monitoring System RMD Risk Management Division
CEO Chief Executive Officer RMS Remmittance Management System
CFO Chief Financial Officer RMU Risk Management Unit
CFT Combating Financing of Terrorism ROA Return on Asset
CIB Credit Information Bureau ROE Return on Equity
CRG Credit Risk Grading ROI Return on Investment
CRM Credit Risk Management RWA Risk Weighted Assets
CRR Cash Reserve Requirement SAFA South Asian Federation of Accountants
CSR Corporate Social Responsibility SBCS Sonali Bank Clearing System
CTR Cash Transaction Report SBL Sonali Bank Limited
DCFCL Departmental Control Function Check List SBSC Sonali Bank Staff College
DRS Disaster Recovery System SBTI Sonali Bank Training Institute
DSE Dhaka Stock Exchange Limited SCB State-owned Commercial Bank
EAS Early Alert System SECI Sonali Exchange Company Incorporated
EDF Export Development Fund SIL Sonali Investment Limited
EEF Equity Entrepreneurship Fund SLR Statutory Liquidity Ratio
EFT Electronic Fund Transfer SMA Special Mention Account
EGBMP Enterprize Growth Bank Modernization Project SMEs Small and Medium Enterprises
EPS Earning Per Share SOE State Owned Enterprise
ERM Environmental Risk management SREP Supervisory Review Evaluation Process
ERQ Exporter’s Retention Quota SRP Supervisory Review Process
ETPs Effluent Treatment Plants STR Suspicious Transaction Report
FBP Foreign Bills Purchased SWIFT Society for Worldwide Interbank Financial
FDI Foreign Direct Investment Telecommunication
FY Financial Year (July-June) TOR Terms of Reference
GAAP Generally Accepted Accounting Principles TP Transaction Profile
GDP Gross Domestic Product UAE United Arab Emirates
GNI Gross National Income UCCA Upazila Central Co-operative Association
GOB Government of Bangladesh UK United Kingdom
GTS Government Transaction System UN United Nations
HRDD Human Resources Development Division USA United States of America
IAS International Accounting Standard VAT Value Added Tax
IBP Inland Bills Purchased WDV Written Down Value
WEO World Economic Outlook
WTO World Trade Organization

Note:

Annual Report 2023

Uploaded by

Copyright:

Available Formats

Annual Report 2023

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Annual Report 2023

Uploaded by

Copyright:

Available Formats

COVER RATIONALE

Corporate governance is a set of relationships between a company’s management, its

2 ANNUAL REPORT 2023

NET PROFIT OPERATING PROFIT DEPOSIT

2023 2022 2023 2022 2023 2022

6515 3710 38462 23823 1506184 1420263

2023 2022 2023 2022 2023 2022

1008053 846430 1981130 1789772 66.93% 59.59%

NET INTEREST RATE OF CLASSIFIED

2023 2022 2023 2022 2023 2022

4759 2089 14.38 8.19 13.23% 14.83%

RETURN ON RETURN ON EQUITY

2023 2022 2023 2022 2023 2022

10.07% 10.05% 7.36% 4.83% 7.77% 4.70%

RETURN ON ASSETS NET ASSETS VALUE NET OPERATING

2023 2022 2023 2022 2023 2022

0.35% 0.21% 191.08 179.23 84.90 52.59

ANNUAL REPORT 2023 3

Board of Directors and

26 Board of Directors & its committees

Chairman and CEO’s Message

48 Message from the Chairman

4 ANNUAL REPORT 2023

128 Stakeholders and Shareholders Information

Risk Management and Control Auditors’ Report and Financial

150 Report on Core Risk Management 215 Auditors’ Report

201 Management Discussion and Analysis

ANNUAL REPORT 2023 5

All Shareholders of Sonali Bank PLC/

Sub: Annual Report for the year ended 31 December, 2023.

(Md. Afzal Karim)

6 ANNUAL REPORT 2023

†mvbvjx e¨vsK wcGjwm Gi mß`k evwl©K mvaviY mfvi †bvwUk;

D³ mfvq Avcbvi m`q Dcw¯’wZ Kvgbv KiwQ|

cwiPvjbv cl©` Gi Av‡`kµ‡g

(gyn: gy¯ÍvwdRyi ingvb)

ANNUAL REPORT 2023 7

8 ANNUAL REPORT 2023

ANNUAL REPORT 2023 9

ETHICS OBJECTIVITY INTEGRITY EXCELLENCE COMMITMENT

ACCOUNTABILITY TRANSPARENCY TEAM WORK SELF RELIANCE INNOVATION

10 ANNUAL REPORT 2023

ANNUAL REPORT 2023 11

STRATEGIC OBJECTIVES OF SBPLC

The core objectives of Sonali Bank

12 ANNUAL REPORT 2023

The Bank involved in various non-business activities for the

• Efficient internal control system. • Compliance issues raised by the International

• Changes in capital management policies of the • Status of ICT inclusion.

ANNUAL REPORT 2023 13

14 ANNUAL REPORT 2023

Location of Branches Kolkata (India), Siliguri (India).

No. of Correspondence 569

No. of Representative Offices 03 (02 in KSA and 01 in Kuwait)

ATM Booths 236

Borak-Biz Center (1st Floor& 2nd Floor)

29-33 Osborn Street, London E1 6TD, U.K.

380 Coventry Road Small Heath, Birmingham

35, Kamal Ataturk Avenue, Abedin Tower, 7th Floor,